Home Ownership: The American Dream
Despite recent setbacks in the stock market, low mortgage rates and high consumer demand continue to make 1998 a banner year for home sales. Early this summer, the National Association of Home Builders announced that new home sales had reached the highest point in more than 20 years. Sales of previously owned homes have been especially strong, with a projected volume of 4.77 million units. If the current rate continues, total home sales for 1998 are projected to reach 5.65 million, higher than any year on record.
Suggested citation: “Home Ownership: The American Dream,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-10, pp. 06, 10.01.1998.