Report: Economic Benefits Of Increasing Minority Homeownership

"President Bush's goal of expanding minority homeownership by 5.5 million families will stimulate an additional $256 billion in benefits to the housing sector of the U.S. economy, according to a new report released today by Housing and Urban Development Secretary Mel Martinez. The HUD report, Economic Benefits of Increasing Minority Homeownership, was released today at the White House Conference on Increasing Minority Homeownership in Washington. Based on latest Census and other economic statistics, HUD's report indicates that homeownership not only serves as a source of stability for families and communities but also provides the foundation for many Americans' financial security. In addition to adding to personal wealth, owning a home also creates jobs in the construction trades and benefits businesses that sell home improvement and other housing-related goods and services."