HUD Secretary Donovan issues statement on increase in new home salesMortgagePress.comHUD, statistics, Shaun Donovan, U.S. Census Bureau, American Recovery and Reinvestment Act
U.S. Secretary of Housing and Urban Development Secretary Shaun
Donovan has released the following statement in response to new
data suggesting improvements in the housing market. Today, the U.S.
Census Bureau and HUD announced an increase in residential home
sales in February 2009.
"This week we have seen some encouraging news on housing.
Sales of both new and existing homes rose in February for the first
time in more than six months while home prices are starting to
stabilize. Although there will be many ups and downs in the coming
months, this news should reinforce the importance of the steps we
have already taken to stabilize the housing market and strengthen
our economy, including measures that have contributed to the nearly
the lowest mortgage rates in decades and the $8,000 tax credit for
new homebuyers included in the American Recovery and Reinvestment
Act (ARRA). Stabilizing the housing market will help address the
problems at the root of our overall economic weakness, eventually
starting to contribute to economic growth and job
For more information, visit www.hud.gov.