Obama's Weekly Address: Housing Market Recovery

President Obama on helping millions of Americans stay in their homes.
3:00 | 10/20/12

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Transcript for Obama's Weekly Address: Housing Market Recovery
Everybody. In recent weeks you might notice. Or maybe even heard the sound -- if you look closely. New homes are going. In fact construction workers are breaking ground on new homes in America at the fastest pace in more than four years. That same time more homes are being sold. Home values are back on the rights and foreclosure filings -- at their lowest point in five years since the housing bubble burst. And left millions of responsible families holding -- -- We're not where we need to be. Too many homes are still under water. To break families still having a hard time making the mortgage on their piece of the American dream. But one of the heaviest -- on our recovery is getting. Now we have to build on the progress we've made and keep moving forward. I never believed that the best way to deal with the housing market was just sit back do nothing and simply wait for things to hit bottom. That would have been a disaster for all the responsible families who through no fault of their own are struggling to make ends meet. Instead I've made helping those homeowners a priority. Since I took office my administration's taken action helped millions of families stay in the -- We teamed up with the attorneys general in almost every state to investigate cracked down on practices that -- this -- And in the end we secure a 25 billion dollar settlement from the biggest banks. The biggest settlements in history and use it to provide relief to families all across America. We've taken action to help responsible homeowners refinance the mortgages. As a result just this year hundreds of thousands of Americans were stuck in high interest loans. Have been able to take advantage of historically low rates are saving thousands of dollars every year. Now I want every home in America to have that chance. Just wish that require an act congress but it -- So back in February I sent congress a plan to give every responsible homeowner the chance to save about 3000 dollars a year on their mortgage. -- refinancing at historically low rates. That's the equivalent of the 3000 dollar tax cut. It's a plan and we know -- work it has the support independent nonpartisan economists and leaders across the housing industry. It's a no brainer that should've passed -- Republicans in congress banded together and -- this plan even coming to a vote. They banded together prevented millions of Americans including many of you listening today from saving 3000 dollars a year. When he that could have gone back -- the value your poll where your kids college savings account. That's money that could have gone in to your local businesses so they could hire and create more jobs in Yorktown. But Republicans in congress still won't let. And that's only held back the economy -- we should be doing everything we -- to accelerate our economic and -- -- -- Republicans in congress won't act on this plan before the election. But many people come to their senses afterward. If you give them -- -- So contractor representative. Especially if this plan help you or somebody you know. Tell him or her that American homeowners have waited long enough. Tell them that it's time for congress to stop standing in the way of -- recovery and start standing up for you. -- have a great week.

This transcript has been automatically generated and may not be 100% accurate.

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