It's a miracle on 34th street, Elm Street and every street across America. The dream of owning a home is becoming a reality for more and more people. Homeownership is at an all time record level.

According to U.S. Department of Urban Housing and Development, more people own their own homes than at any other time in recent history. Among moderate level income, those with incomes between 80 and 120 percent of the areas median, half of all central city households owned homes in 1997 representing an increase of approximately 1 million new homeowners since 1994. In the suburbs, over 70% of residents are homeowners.

What is paving the way for homebuyers? Traditional obstacles to homeownership are being overcome, triggering high consumer confidence. Low interest rates, the availability of affordable housing, and the belief that housing discrimination is on the wane are all factors in rising home ownership.

According to HUD in its first quarter 1998 report, a record two-thirds of households own their homes.

From the lender side, high interest rates are gone, and have hovered around 7% for over a year. They are currently coming off a six-month low of 6.91%, topping at 6.94% this week. As additional incentive, particularly to the first-time homebuyer, new loan options are being offered which require less down payment. Many can handle higher payments rather than part with cash or raise a large down payment.

Although HUD still believes housing discrimination is at the root of the "housing gap," the difference between affordable housing for low-income families and that of high wage earners, Fannie Mae said in its most recent survey that the perception of housing discrimination has crumbled, falling to just six percent from the 18 percent surveyed in 1996.

According to HUD, the housing gap is clearly an ethnic issue. Over 90% of homeowners are white, and of that segment only 8% represented Hispanics. Five percent are African American and the remaining five percent is a melting pot of American Indian, Aleut, Eskimo, Hawaiian Islanders and Asian.

Published: July 21, 1998

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Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment. Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, and has been twice recognized as a "notable." In 2005, she was named "Top Reporter Covering the NAR" by Delahaye-Bacon's. Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. To contact Blanche, email her at . For more articles by Blanche, click here.