Although merchandise exports have begun to increase lately, the U.S. appetite for imports continues to grow. But this situation would be much worse without the contribution of service exports. But the export of the means to home ownership is important for reasons far beyond its impact on the trade deficit. Acknowledgment of property rights and the encouragement of home ownership are important indicators of democratization. And it is common knowledge to all of you here today that homeowners take on more responsibility for the communities in which they live.
Home ownership is an investment in society.
Access to housing and affordable housing finance benefit the world on an economic level, a political level and a human level. And there are other benefits. Increased home ownership stimulates the labor-intensive construction industry. Increases in global population will continue to influence housing patterns. Today, the U.S. represents about five percent of the world's population.