Hailing the fast pace of recovery in the American economy, President Barack Obama on Thursday announced several new measures in an attempt to assist a still-sluggish housing market.
Addressing a small gathering in Arizona, Obama said that his decision to reduce the insurance rates on the mortgages issued by the federal government would make the homes cheaper for hundreds of thousands of Americans who are looking forward to buy them across the country.
“Hundreds of thousands of new buyers is going to mean a healthier housing market for everyone. We do want to make sure that the housing market is strong and that responsible homeowners can get a good deal,” Obama said while addressing his supporters in the Central High School gymnasium.
Arizona was hit the hardest by the mortgage crisis in the country.
Obama said that the reformative measures and the subsequent changes would contribute in improving an economy that was already on the recoil.
Calling the resurgence of America real, the president said, “Let there be no doubt. Thanks to the steps we took to rescue our economy, to rebuild it on a new foundation, America is coming back.”
He also boasted that there was addition of more jobs, lowered cost of gas and high number of insured people since he assumed office.
The president is also using the housing action to underline the continuing efforts of the White House to address financial concerns of the middle class in the country.