Real Estate: Obama ideas spur housing market, official says

The hard-hit housing market in California and the Coachella Valley have improved considerably since the crisis of 2008, but Congress should pass President Barack Obama’s latest proposals to keep that recovery on track, Housing Secretary Shaun Donovan said Monday.

The White House released a raft of evidence touting California’s housing recovery due to policies adopted since Obama took office in 2009, including:

•  As of May, 369,000 homeowners had refinanced their mortgages at lower rates through a program aimed at preventing foreclosures.

•  As of June, 294,000 homeowners had modified or were modifying the terms of their home loans under a related program.

•  The Department of Housing and Urban Development has given more than $1 billion to 98 state and local agencies to buy up foreclosed and abandoned properties and redevelop those areas….read more

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