Last night, Kent W. Colton, vice president and CEO of the National Association of Home Builders, spoke about the state of housing at the millenium at the inaugural John T. Dunlop Lecture.

Colton told the audience of about 70 that while great strides have been made in providing more Americans with adequate housing, policymakers should not grow complacent with their success.

The lecture, which was held in the Sackler Museum Lecture Hall, was held in honor of Dunlop, who is Lamont University professor, emeritus and former chair of the Department of Economics and dean of the Faculty of Arts and Sciences.

"We must overcome the complacency over success. Housing isn't a top priority," Colton said.

Colton began his address by assessing the state of housing in the last 50 years, since the passage of the Housing Act of 1949, but then discussed areas where policy could be improved.

"[The act's] theme was that every American should have a decent home and a suitable living environment," he said.

Colton said this goal has been achieved, pointing to the fact that the home ownership rate is currently 66.8 percent, up from 55 percent in 1950. He also said that 60 percent of existing houses have been built since 1949 and that only 5 percent of homes were deemed crowded in 1990, compared to 16 percent in 1950.

Housing has figured prominently in the federal budget, according to Colton, who explained that a total of $110 billion will go to support housing in 1999--more than for transportation, agriculture and education.

He also said that due to a stable economy, mortgage rates were below 7 percent in 1998 and led to a strong housing market. 890,000 new homes were sold in 1998.