Tom Price: “June is Homeownership Month and the housing market continues to be a catalyst for a growing economy. Just last quarter…”

“June is Homeownership Month and the housing market continues to be a catalyst for a growing economy. Just last quarter, growth figures were revised higher, growing at a 3.5 percent annual rate. For the past 2 years, the U.S. economy has grown faster than the economy of any major industrialized nation. Since May of 2003, over 3.5 million jobs have been created with 24 straight months of job growth. That is 2 years of putting people back to work, 2 years of more people collecting paychecks. What is even more impressive is the fact that the unemployment rate dropped to 5.1 percent, the lowest level since 9/11. Many things are behind these positive job numbers, but one thing in particular is the strength of our housing market. Homeownership is at near record levels with nearly 70 percent of American families now owning their own homes. Sales of existing U.S. homes climbed 4.5 percent in April. In 2004, home prices posted the biggest gain in 25 years. Madam Speaker, these steady gains are great news. They show that more people are working, more people are collecting paychecks, more people are owning their own homes, and more people are realizing the American Dream. This direction should be celebrated. ____________________”