Hi, everybody. Our top priority as a nation is reigniting the true engine of our economic growth –a rising, thriving middle class. And few things define what it is to be middle class in America more than owning your own cornerstone of the American Dream: a home.
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.
From the day I took office, I’ve made it a priority to help responsible homeowners and prevent the kind of recklessness that helped cause this crisis in the first place.
My housing plan has already helped more than two million people refinance their mortgages, and they’re saving an average of $3000 per year.
My new consumer watchdog agency is moving forward on protections like a simpler, shorter mortgage form that will help to keep hard-working families from getting ripped off.
But 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.