U.S. Secretary of Housing and Urban Development Secretary Shaun Donovan released the following statement today 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 & 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 creation."