Some good news,lor a change

Not all housing statistics make for happy reading. But the latest government numbers are great news for a number of reasons.

New Home Ownership Hits Record 66.1 Milliori in Second Quarter

For our readers it means their builder customers have been buying materials to put up the new houses that make up a part of that new record. Do-it-yourself homeowners are already in the stores buying tools and other goodies to transform their tract house into the castle of their dreams. Wholesale distributors tie right into the whole program.

Besides the obvious benefits in the movement of material into the market, it means the slide in homeownership in America has been reversed. We hope it lasts, because owning a home has been one of the major bulwarks of our republic and its prosperity.

Social scientists are quick to point out that homeownership is a huge factor in maintaining a stable society. Revolutions are seldom begun by contented homeowners. Their interest lies in peace and quiet and they know it.

Economists, in addition to noting the business mentioned above, recognize that the ripple effect across the economic pond is profound. Whether the new owner has a row house, condo, semidetached or single family home, you can bet new carpets, drapes, kitchen, bath, expansions, remodeling and the like are sure to follow.

The latest numbers are impressive. About 700,000 individuals and families became new homeowners in the second quarter. That boosted the total to'65.4Vo, a 15 year high, just 0.4Vo off the all-time record in 1980. Since 1992, 47Vo of home sales were to first time buyers. Homeownership among whites is 7l.1Vo, for AfricanAmericans 44Vo, Latinos 43.9Vo and all others 50.4Vo.

It's nice to be able to write about news tliat is equally good for our industry and our country.

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