In a session with Zillow CEO Spencer Rascoff, President Obama fielded housing-related questions coming in via social media. Noting the recession and corresponding drop in home values was unlike anything seen in many years, he said refinancing could save homeowners $3,000 a year, although the housing market, while recovering, remains soft. He said despite interest rates continuing their upward trend as the economy improves, there is a lot of pent-up demand for homes which will play out soon. While suggesting that Republicans and Democrats should get together to support the Home Affordable Refinance Program 3 (HARP), he also noted the long-term goal is to reduce the amount of lending being underwritten and guaranteed by the government, and encourage private lenders to re-enter the market. To help homeowners during the recession President Obama said the maximum home value that could be financed was increased. As housingwire informs MHProNews, he suggested listeners contact their congressional representative to support HARP 3.
