The promises to keep are huge. But so are the challenges to keeping them. I d like to focus on just two. Just last week, a front-page story in the Wall Street Journal suggested that maybe this country has too much homeownership and too much money flowing into homeownership. We and I presume you beg to differ.
Housing is the backbone of our society.
And the system that finances our housing is the best in the world the envy of the world. But it would be easy to break the system. Then we would have housing that looked more like housing in other countries, where it s hard for the average family to afford a home. There are those whom our system has not effectively reached. When the white homeownership rate is 74 percent and minority rates are less than 50 percent, if anything, we still have a homeownership deficit.