President Obama on the housing market

President Obama answers citizen’s questions

In a live stream yesterday, Zillow CEO, Spencer Rascoff has asked tough housing questions – submitted by thousands of Americans - from President Obama. In the half hour interview the President has covered issues that millions of people are facing in today’s housing market. One of the key elements of the President’s agenda is to pass housing reform measures this year that not only would allow for struggling students, families and seniors now but would also help the next generations to come. He said he would advocate for his proposals once the lawmakers are back in Washington in September.

A Better Bargain for the Middle Class

President Obama has launched his ‘A Better Bargain for the Middle Class‘ campaign that lays out the progress the country has made since the Great Recession and the work that still needs to be done. He is traveling the country talking to the people through a series of speeches that cover the main issues Americans face including jobs, health care, education, housing market, opportunities and retirement. On August 6, the President delivered a speech on housing policy in Phoenix that was followed by Zillow’s Q&A the next day in Los Angeles. During the interview, the host, Spencer Rascoff has asked some of the most asked questions submitted by people from all over the country.

Q&A

Here is the list of the questions submitted by American citizens the President has answered during the interview. To listen to the answers, please watch the video at the end of the post.

Andrew from Florida asked:
I was wondering how you feel rising interest rates over the last three months are going to affect the housing recovery going forward?

Jill from Louisiana asked:
What changes you think could be made to help second-time homeowners, I refer specifically to young families who lost considerable equity in their first homes due to the equity bust?

Colin, via Twitter, asked:
What’s happening with #MyRefi or #HARP3? Is there any hope with such a program?

Jason from Arizona asked:
My neighborhood has been hit very hard by the foreclosure crisis. Things are finally starting to look up, but we’re certainly not back to pre-recession values. How is the administration planning to help homeowners in areas like Phoenix regain our footing?

Jacob from California asked:
I’m a recent college graduate with a full time job, but I still live at home with my parents. I’m wondering with massive student loan debt, will I ever be able to move into a house of my own? Not even looking to buy, just looking to rent.

Steve from Minnesota asked:
If Congress is successful in scaling Fannie Mae and Freddie Mac down, what model fills the gap?

Elias from California asked:
What help is available for homeowners who are looking to refinance but don’t have loan backed by Freddie or Fanny?

Jennifer from North Carolina asked:
I’m a HS teacher in North Carolina, I get paid so little that I can’t afford my own apartment. The rent here goes up every year, but I haven’t had a raise in three years. A fixed mortgage would be more consistent than rising rents, but I don’t have the job stability.

 President Obama’s answers – Watch the Interview

[youtube]http://www.youtube.com/watch?v=L-XbETvNBv0&feature=youtu.be[/youtube]

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