Obama Announces Good News for Potential Homeowners
President Obama was in Arizona Thursday pushing policies he says have turned around the housing slump, with home sales and construction up, and foreclosures at their lowest level since 2006.
Home building's a big part of Arizona's economy, so the state was hit especially hard by the housing downturn.
President Obama spoke at a Phoenix high school to say things are looking up in the housing market. He's highlighting new Federal Housing Authority actions he says will help even more.
"I want to talk about helping more familes afford their piece of the American Dream, and that is owning their own home," he said.
The FHA's cutting mortgage insurance rates. The President says that will save the typical homebuyer with a small down payment some $900 a year.
The President also toured a low-income housing development in south Phoenix. He'll head to Tennessee next to talk about growing manufacturing jobs.