President Addresses Housing Concerns, Demands Congressional Action

In his State of the Union address, amid discussion of tackling the federal deficit and revising America's tax laws, President Barack Obama gave special attention to the nation's recovering but still-struggling housing market.

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""Together, we have cleared the rubble of crisis, and can say with renewed confidence that the state of our union is stronger,"" Obama stated.

""Our housing market is healing, our stock market is rebounding, and consumers, patients, and homeowners enjoy stronger protections than ever before,"" he said.

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Obama acknowledged the progress that has been made in the housing market with rising prices, increasing home purchases, and an uptick on construction. However, ""even with mortgage rates near a 50-year low, too many families with solid credit who want to buy a home are being rejected,"" he said.

Obama also proclaimed his support for expanding access to refinancing. In fact, a bill currently making its way through Congress would allow homeowners to save $3,000 annually through refinances, he said.

In particular, the bill is aimed at helping underwater homeowners who are current on their mortgages but have been ineligible to refinance through the Home Affordable Refinance Program (HARP).

""What are we waiting for? Take a vote, and send me that bill,"" Obama said.

Obama also reiterated his intent to provide support for struggling neighborhoods by rebuilding vacant homes.

""Let's put people back to work rebuilding vacant homes in run-down neighborhoods,"" Obama said, adding that this year his administration will target 20 of the ""hardest-hit towns in America to get these communities back on their feet.""

This effort, known as ""Project Rebuild,"" was first introduced in the president's ""American Jobs Act"":http://www.americanjobsact.com/ in 2011.