(WASHINGTON) — President Obama says the U.S. housing market is “healing,” now seven years after the real estate bubble burst. In his weekly address, the president discusses the current state of the housing market and reiterates the administration’s commitment to helping responsible homeowners.
“Today, seven years after the real estate bubble burst, triggering the worst economic crisis since the Great Depression and costing millions of responsible Americans their jobs and their homes, our housing market is healing. Sales are up. Foreclosures are down. Construction is expanding. And thanks to rising home prices over the past year, 1.7 million more families have been able to come up for air, because they’re no longer underwater on their mortgages,” the president says.
Though, President Obama says, his housing plan “has already helped more than two million people refinance their mortgages,” saving them an average of $3,000 a year, the housing market has not achieved full recovery.
“[We’ve] got more work to do. We’ve got more responsible homeowners to help – folks who have never missed a mortgage payment, but aren’t allowed to refinance; working families who have done everything right, but still owe more on their homes than they’re worth,” he says.
Now that the president has nominated Mel Watt to lead the Federal Houseing Finance Agency, he urges Congress in his address to confirm him so that he can continue to help homeowners refinance and save on their mortgages.
“He’s the right person for the job, and that’s why Congress should do its job, and confirm him without delay,” he says.
“Our economy and our housing market are poised for progress – but we could do so much more if we work together. More good jobs. Greater security for middle-class families. A sense that your hard work is rewarded. That’s what I’m fighting for – and that’s what I’m going to keep fighting for as long as I hold this office.”
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