WASHINGTON, D.C. – June 17, 2015 – (RealEstateRama) — With single-family housing starts and pending sales of existing homes approaching a 10-year high, Governor Bill Haslam has declared June to be Homeownership Month in Tennessee.
“Homeownership strengthens families, encourages residents to take an active role in their neighborhoods and communities, and serves as one of the most important drivers of economic growth in our state,” said THDA Executive Director Ralph M. Perrey.
Tennessee is one of only a handful of states currently seeing homeownership numbers and rates on the rise. In the first quarter of 2015, the homeownership rate in the U.S. fell to 63.7 percent, the lowest level since 1990.
Tennessee is also experiencing growth in new home construction. The number of single family housing starts in Tennessee rose six percent in April to the highest level since November 2005, echoing growth nationwide. Contracts to buy existing homes also rose nationally in April to the highest level in nine years.
“Promoting homeownership has far reaching benefits for us all, both socially and economically, whether you personally own on home or not,” said Perrey.
To encourage growth in the homebuilding sector and make the dream of homeowners more accessible to all families in Tennessee, THDA offers 30-year fixed rate mortgage loans designed for homebuyers of moderate/middle income and military families throughout the state. The Great Choice mortgage program from THDA made homeownership possible for 1,695 households in Tennessee in 2014. Information about Great Choice mortgages is available at www.GreatChoiceTN.com, as well as through lenders and real estate professionals.
Homeownership Month is traditionally celebrated in June because the National Housing Act was signed into law by President Franklin Roosevelt in June 1934.
