Obama Believes Economy, Housing Market Are 'Poised For Progress'

The president delivers weekly address focusing on improving real estate market, recent HUD nominatio
2:52 | 05/11/13

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Transcript for Obama Believes Economy, Housing Market Are 'Poised For Progress'
Hi everybody. Our top priority as a nation is reigniting the true engine of our economic growth and rising thriving middle class. And few things define what it is to be middle class America more than owning your own cornerstone of the American dream. -- -- Today seven years after the real -- 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 he. Sales are up. Foreclosures are down. Construction is expanding. And thanks to rising home prices over the past year. One point seven million more American families have been able to come -- -- -- 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 dollars per year. My new consumer watchdog agency is moving forward on protections like a simpler shorter mortgage form. It will help to keep hardworking families from getting ripped off. But we still got more work to do. We've got more responsible homeowners to help folks who have never missed -- mortgage payment but aren't allowed to refinance. Working families -- done everything right but still -- more on their homes than there were. Last week I nominated demanding Mel -- to take on these challenges as the head of the Federal Housing Finance Agency. Mills represented people of North Carolina and congress for twenty years and in that time he helped lead efforts to put in place rules of the road. The protect consumers from dishonest mortgage lenders and give responsible Americans the chance to own their own hall. He's the right person for the job and that's why congress should do its job and confirm him without delay. And they shouldn't stop there. As I said before more than two million Americans have already refinanced at today's low rates but we can -- a lot better than that. I've called on congress to give every responsible homeowner the chance to refinance and without the opportunity to save 3000 dollars a year. That's like -- 3000 dollar tax cut. And if you're one of the millions of Americans who could take advantage of that he should -- -- representative congress why they won't act on. Our economy and our housing market are poised for progress. 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 -- to keep on fighting for long -- assaults. Thank you and have a great week.

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

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