Obama Says Congress Obstructing His Homeowner’s Improvement Plan

October 05, 2012 / Russell Legato, Residential Property Analyst

Obama’s housing plan was the most prominent item on his agenda during his weekly address. He will be traveling to Nevada, which has been called ground zero for the housing crisis still plaguing the country. He is urging Congress to approve a plan presented last February to help those he calls responsible homeowners. They would be offered a lower rate that would save $3,000 per year.

As President Obama works to drum up more support for his plan, he announces that it already is supported by nonpartisan economists and leaders in the housing industry. The only ones who do not approve are the Republicans in Congress. They are working in direct opposition to it. For the last seven months, they have prevented it from getting to the point of being voted on.

There are rumors that this is nothing more than an election ploy. Could it be true that making the president look bad is more important to them than helping struggling American homeowners? Nevada has been the fifth-worst state in the U.S. when it comes to home foreclosures. One in every 402 homes there has already been faced with foreclosure.

Obama voices his opinion that in spite of the housing market showing recovery from the four-year old crash, numerous families are still in need of assistance. His plan was formulated to provide that assistance. He sent out a call for people to urge Congress to take action when it reconvenes.

The recovering housing market needs nurturing to continue its recovery. Every home sold and every new home constructed is a boon for the economy. There was a time that houses were selling for less than what the owners owed the bank. Now those prices are creeping up, turning that trend around. That shows real improvement.

There will be more families harmed by the fact that Congress is using delaying tactics to prevent the help from being given. Although Obama asks the American people to urge Congress to change and give their support, if they delay longer, more people are likely to go under. This was the subject of his speech in Las Vegas.

Will the topic be addressed on Oct. 3, when the president debates Mitt Romney on national television? Americans will watch the first of their three scheduled debates. Each candidate hopes to garner as many votes as possible for the Nov. Presidential election.

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