Ed. note: On Wednesday, August 7th at 1:00 p.m. ET, the President is answering questions submitted by homeowners, renters, and prospective buyers in a conversation with Zillow CEO Spencer Rascoff. Find out how you can ask a question here.
President Barack Obama delivers remarks on housing and home ownership at Desert Vista High School in Phoenix, Ariz., Aug. 6, 2013.
(Official White House Photo by Pete Souza)
Today, I joined President Obama in visiting Phoenix, where he laid out his vision for a housing system that promotes the American dream of homeownership.
For years, owning a home was a symbol of responsibility and a source of security for millions of middle-class families across the country. But the financial crisis in 2008 put that all at risk, and by the time President Obama took office, the housing market was in free fall. Home values were plummeting and foreclosures were at record highs.
This Administration immediately took a number of steps to heal the market that helped millions of Americans stay in their homes, save money on their mortgages and turn their communities around.
Today, the market is coming back. Thanks to reforms of the financial system that cracked down on the most reckless practices that led to the housing crisis, responsible Americans can feel more confident and secure when they borrow money to purchase their own home.
President Barack Obama and Housing and Urban Development Secretary Shaun Donovan tour Erickson Construction, a housing construction company, in Chandler, Ariz., Aug. 6, 2013.
(Official White House Photo by Pete Souza)
But, as President Obama made clear today, there is more work to do. It’s time to turn the page on an era of housing bubbles and taxpayer bailouts, and build a new housing finance system that will provide secure homeownership for responsible middle class families.
We see this as critically important, not only because housing and home ownership are one of the bedrock cornerstones of the middle class – but also because it is so connected to the other ones. How do most families pay for their kids to go to college, to start small businesses, to save for retirement? It's through the savings in their homes. If we can't protect American families from this kind of crisis again, if we can't build safe, stable investment in housing and home ownership, we also cut out the rungs in the ladder to opportunity for so many families in other areas as well.
Fonte: White House