Return to Transcripts main page
American Morning
The Dream of Buying a Home
Aired June 04, 2001 - 09:23 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: Now, owning a home has been and always -- almost always has been an enduring American dream. But for many, it's been a dream that's been out of reach.
Well, there's an effort underway right now to try to change that for many people across the country. This is the kickoff of National Home Ownership Week. And joining us this morning to talk about that is Rick Davis, he is President of the Home Ownership Alliance. And Jacqueline Massey, who is soon going to be joining the ranks of those of us who do own homes and pay taxes on them and all that sort of good stuff.
Good morning, how are both of you?
JACQUELINE MASSEY, HOME BUYER: Good morning.
RICK DAVIS, PRESIDENT, HOME OWNERSHIP ALLIANCE: Morning, Leon.
HARRIS: Well, Mr. Davis, let's start with you. What are you -- what's new about this particular effort this year? This is the fifth year this event has been underway, correct?
DAVIS: That's correct. This is the fifth anniversary of National Home Ownership Week. And as the president of the Home Ownership Alliance, what we're trying to do is make sure people understand that housing is a national priority. And at a time when we have the highest home ownership rates in recent history in our country, almost 68 percent of the public own homes, there's still more to be done. And in this case, we're looking at the less than 50 percent of home ownership rates amongst minorities and low-income Americans, and we need to do better than that.
HARRIS: All right. Well, since the trend has been that more and more are joining the ranks of home owners, what are the remaining barriers right now?
DAVIS: Well, I think it's, one, an understanding of the system and a fear of going through the system. Another is access to credit. And I think a lot is being done, especially with new technology today, to get more people access to credit that they can use to buy homes.
HARRIS: All right. Let's talk -- let's talk with one of these people who's out there right now getting the credit to make this thing happen for them. Jacqueline Massey, who's with us in Washington, you're about to move into your new home when?
MASSEY: At the end of June.
HARRIS: OK. Now why is it that it's taken you up until this point to make this move? What was holding you back?
MASSEY: Well, I would say access to information, being able to know what's out there and networking with different groups to get there. I've lived in public housing for a long, long time and was on welfare for a portion of that time and I just felt like it was no way up or out. And until HOPE VI came along and the National Alliance Group, I didn't know where to go...
HARRIS: So what happened...
MASSEY: ... and now I do know.
HARRIS: All right. So what happened with these groups or these people planted a seed in your mind. Is that what happened?
MASSEY: Planted the seed, let me understand that there were people out there, partnerships that would help people to come above what they are normally used to. And, as you see, our community, it's something beautiful out there.
HARRIS: Yes, as a matter of fact, we're looking at it right now, are we not? Is this the Wheeler Creek Estates we're looking at right now?
MASSEY: Absolutely.
HARRIS: Well that's going to be a beautiful place for you to move into there. Congratulations on that move.
Rick, now what exactly are the -- are the -- I guess the new steps that you would be recommending that people actually go through to find out about what groups or organizations like Fannie Mae are doing to make it more possible for more people to get into homes like these?
DAVIS: Well, one of the things that may be a good education for people is to shop on the Internet. We have a Web site, homeownershipalliance.com, that can direct people who are prospective homebuyers into a lot of different areas. We have links to Fannie Mae, Freddie Mac, the homebuilders, the realtors. We try to make it a one-stop shop for people who are interested in the issues around home ownership and trying to break down the kind of barriers Jackie's talking about by filling up the vacuum of information.
HARRIS: Yes. Is this a case where government intervention is perhaps the best way to make this thing happen?
DAVIS: Well, in some cases. The HOPE VI project that Jackie mentioned is a great partnership between the public sector and the private sector who come together to be able to put together projects like what you saw at Wheeler Creek on the TV just now.
HARRIS: Well, Jackie, let's let -- give you the final word this morning. Any advice you'd have for those that -- who are out there maybe watching this morning who have yet to make that leap into home ownership? What would you tell them to do right now?
MASSEY: I would tell everyone to, if they have any hope or vision of owning a home, to actually seek out the information and follow it. The barriers are not there anymore. All you have to do is stay consistent and reach out to those public/private partnerships to help you get there. It can be done. All you have to do is take a chance in doing it.
HARRIS: Just like you did. More power to you.
MASSEY: Just like I did.
HARRIS: Way to go. Congratulations.
MASSEY: Well, thank you.
HARRIS: Jacqueline Massey, well, I hope to see you in that new home. Hope you're happy down the road.
Rick Davis, thanks much for coming in and explaining all of that.
(CROSSTALK)
DAVIS: Thanks, Leon.
MASSEY: Thank you.
HARRIS: Good luck with you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM AT www.fdch.com
