U.S. President Barack Obama says the U.S. housing market is healing, seven years after the real estate bubble burst, but he adds there is still more work to do to help homeowners save money and stay in their homes.
Obama said in his weekly address Saturday that home sales are up and foreclosures are down, construction is expanding, and 1.7 million families are no longer behind on their mortgages. He said his housing plan has helped more than two million people refinance their mortgages and save an average of $3,000 a year.
But he said there are other U.S. homeowners who have not been allowed to refinance, or have done everything right but still owe more on their homes than their homes are worth. Obama called on Congress to support the effort to give all homeowners a chance to refinance.
He also called on members of Congress to support his nominee, North Carolina lawmaker Mel Watt, to take over leadership of the U.S. Federal Housing Agency.