This week, Representative Loretta Sanchez (D-Ca) spoke on the floor of the US House of Representatives about the leadership forum, “Achieving the American Dream,” that was held on the Hill in late October. Her short speech highlighted the importance of homeownership as a source of wealth creation for middle-class Americans and its role in fostering economic growth and mobility. It can be watched here.

“Mr. Speaker, I rise to highlight today an issue that is incredibly important.”

This topic is, of course, important to us.  We have written about homeownership extensively on this blog, produce the Homeownership Progress Index and believe that fostering first-time homebuyer demand is critical for the future growth of the housing market. For the bottom 40 percent of the income distribution in the United States, those fortunate enough to be homeowners generate three quarters of their wealth from their home.  It is the single, most important wealth-creating asset that they own.  Homeownership is currently at a 25-year low, and some have suggested it may fall even further.  I am grateful to Ms. Sanchez for bringing this important topic to the floor of the House.  No better time than the present for the issue of homeownership to find a new, and so illustrious, home.