Bush Thanks Realtors for Helping Americans Achieve Homeownership

Aventura-Homes.Com

President George W. Bush received thunderous applause during parts of his speech Friday to thousands of Realtors assembled in Washington, D.C., for a week of meetings and lobbying.

Though the president spent most of his speech to the National Association of Realtors explaining his proposed Social Security reforms, he got the strongest applause when he argued for more health insurance options for small business, as well as select policies that would likely help continue the strong residential real estate market.

“Our Realtors play a crucial role in creating opportunity in America,” Bush told the Realtors. “After all, you help people attain an important part of the American experience and the American Dream, and that is owning a home. I believe the proper role of government is to encourage ownership, is to promote an ownership society ... When you own a home, it brings stability to a neighborhood or security to a family. I love it when somebody – a first-time homeowner – opens up the door to their house and says, welcome to my piece of property, welcome to my home.”

“And we're making progress,” the President continued. “In this country, homeownership set a new record last year: 69 percent of American families own a home. … There are 74 million homeowners in America today. And that's the most ever in our nation's history. I want to thank you for working hard to help people realize that dream.”

The president also noted how he wants the number of minority homeowners to reach 5.5 million by the year 2010.

“We just set a new quarterly record this year of 51.6 percent of minorities owning their own home – 2.3 million minorities own a home. We're halfway toward our goal of over five million by 2010,” Bush said.

“Housing starts – we're at the highest level in over 25 years, reaching nearly two million homes. That's the best annual performance since 1978,” the president added.

The American Dream Down Payment Act has been signed into law.

“My 2006 budget requests $200 million for that initiative,” Bush said. “And it's an important initiative. You see, that money will help thousands of families with their downpayment and closing costs, which will help more people realize the great joy of owning their own home.”

“To boost housing sales even more, Congress needs to pass my single-family homeownership tax credit,” he added. “We estimate this credit would increase the supply of affordable single-family homes by as many as 50,000 each year. The idea is to increase the supply of affordable homes by seven million over the next 10 years. In other words, there is a proper role for government to provide incentives for entrepreneurs and small businesses to expand. One thing we've got to make certain is to understand that the mortgage interest deduction enables more Americans to be able to own their own home. It is an important part of our tax code.”

The loudest applause came when the president backed health insurance reforms that would allow more small businesses to cover their employees – with a current bill strongly backed by the NAR and Realtors.

“We need to make it less costly for small businesses to provide health care for their employees,” Bush said. “We continue to expand health savings accounts. We must allow small businesses to pool risk across jurisdictional boundaries so they can buy insurance at the same discounts big companies are able to do. And to make sure health care is available and affordable to people from all walks of life, Congress needs to pass medical liability reform.”

Bush also relayed how he hold his wife, Laura, that he was going to speak to the Realtors group.

“She said, don't go over there and start looking for a house yet, you've got three-and-a-half more years,” the president joked.

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