Bush, in Pennsylvania, Hails Record Homeownership

President Bush traveled to suburban Philadelphia on Monday to highlight one of the few bright notes in the nation’s spotty economy: low interest rates that have helped produce record-high homeownership.

Bush spoke in a town-hall-style “conversation” that featured two women who became first-time homeowners, largely through local nonprofit programs that assist minorities.

“Homeownership is at the highest rate ever,” Bush said. “That means that more people than ever in our history are able to say, ‘I own something.’ ”

The U.S. homeownership rate is at an all-time high of 68.6%, the White House said; in the fourth quarter of 2003, for the first time, more than half of all minority households were homeowners.

Monday’s event brought Bush to yet another state that could easily fall to either party in the November election. Last week, the president was in Ohio, and later this week he visits Florida, both swing states. He has visited Pennsylvania at least 25 times as president.

Sen. Arlen Specter (R-Pa.), who flew with the president aboard Air Force One to Pennsylvania, told reporters that Bush lost three of the four suburban Philadelphia counties in 2000 -- among them Montgomery, which includes Ardmore.

Pennsylvania is considered one of about 17 battleground states in this year’s presidential election. Democrat Al Gore won Pennsylvania 51% to 46% in the last election, giving him the state’s 23 electoral votes.

Before he appeared at the Main Line YMCA, Bush visited with Pearl Cerdan, a new homeowner at the Spring Avenue development, a 10-unit affordable-housing complex in the township of Lower Merion.

In his presentation in Ardmore, the president also said an economic report Monday showed industrial production rose by 0.7% in February.

“The manufacturing report today was very positive, another indication that the economy is strengthening,” he said. “There are still people looking for work, make no mistake about it, but it’s getting better. Interest rates are low, which is important if you’re a first-time home buyer. Inflation is down, which is important.”