President Obama said an improving housing market would be even better if Congress would act on his proposals to provide more assistance for underwater homeowners.
Mr. Obama, in his prerecorded Internet and radio address released Saturday, said: “New homes are going up … at the fastest pace in more than four years.”
“More homes are being sold. Home values are back on the rise. And foreclosure filings are at their lowest point in the five years,” the president said.
But the recovery would be stronger, he said, if Republicans in Congress would support White House porposals that would ease the refinancing process to lower monthly payments for homeowners.
“In February, I sent Congress a plan to give every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates. That’s the equivalent of a $3,000 tax cut. … But Republicans in Congress banded together and kept this plan from even coming to a vote.”
The president acknowledged Congress is unlikely to move on the proposal in the 17 days before the election, but he urged voters to contact their representatives and urge lawmakers to act after Nov. 6.
Hear the president’s complete address here.