Obama praises Phoenix recovery during visit to Arizona - FOX5 Vegas - KVVU

Obama praises Phoenix recovery during visit to Arizona

Posted: Updated:
President Barack Obama praised Phoenix for its recovery from the recession during a speech in Ahwatukee on Tuesday. (Source: CBS 5 News) President Barack Obama praised Phoenix for its recovery from the recession during a speech in Ahwatukee on Tuesday. (Source: CBS 5 News)
PHOENIX (CBS5) -

Calling Phoenix "Ground Zero" when the housing bubble burst in 2008, President Barack Obama on Tuesday outlined his plans for helping the country's middle class reclaim the American dream of responsible home ownership. 

The president brought his ideas to a city that was one of the hardest hit by the housing bubble and ensuing recession, but also one the president credited for paving the way to recovery.

He said the country needs to build a strategy that ensures anyone who works hard can succeed.

"Arizona can recognize that," he told a crowd of about 2,000 students and faculty at Desert Vista High School in Ahwatukee. "For the past four years you have fought your way back."

"Thanks to people like you, you have helped clear the rubble of financial crises," he said.

Obama said the nation, including Phoenix, are showing signs of recovery.

"Phoenix has led one of the greatest comebacks in the country," he said. "Home prices have risen by nearly 20 percent over the last year. New home sales are up by 25 percent."

He pointed to a Chevrolet plant in Chandler that plans to hire 1,000 new workers, and to a Chandler construction company he toured with Housing and Urban Development Secretary Shaun Donovan Tuesday that has rebounded from the housing crises.

"Erickson Construction downsized to as few as 100 workers when the housing bubble burst," he said. "Now, they have 580 workers and are hiring more because the housing market is bouncing back."

The president laid out five areas he said are critical to creating a housing system that is durable and fair and rewards responsible home ownership for generations to come:

  • Help responsible homeowners save $3,000 a year by allowing them to refinance their mortgages at today's rates.
  • Cut red tape to make it easier for qualified buyers to purchase homes they can afford.
  • Fix what he called the broken immigration system to help increase home values.
  • Help rebuild communities that were the hardest hit when the housing market bottomed out.
  • Make sure families who can't buy or don't want to buy still have decent places to rent.

Most importantly, he said, the country must guard against re-inflating home prices that could result in another housing bubble.

"I hope everyone in Arizona learned hard lessons from what happened," he said. "Housing prices can't go up at the pace it was forever. It was crazy. It needs to be steady."

The president also said that private capital should take bigger roles in the housing market.

A key element of the president's strategy includes shutting down the government-backed Fannie Mae and Freddie Mac programs and replacing them with a process that would involve private sector companies purchasing mortgages from lenders.

The crowd at Desert Vista High School broke into a rendition of Happy Birthday to celebrate Obama's 52nd birthday this week.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.

  • Obama praises Phoenix recovery during visit to ArizonaMore>>

  • Sidebar: Obama Visits Arizona

    Tuesday, August 6 2013 6:54 PM EDT2013-08-06 22:54:34 GMT
    Governor ranks high in Time's 'Most Influential' list (04/05/2012) Etiquette expert: Finger wag comes off as scolding (01/26/2012) Brewer's finger-wag: A publicity stunt? (1/26/2012)More >
    Governor ranks high in Time's 'Most Influential' list (04/05/2012) Etiquette expert: Finger wag comes off as scolding (01/26/2012) Brewer's finger-wag: A publicity stunt? (1/26/2012)More >
  • Most Popular StoriesMore>>

  • Fish chews on 11-year-old girl's foot, causes bone-deep cuts

    Fish chews on 11-year-old girl's foot, causes bone-deep cuts

    Sunday, July 23 2017 8:38 AM EDT2017-07-23 12:38:08 GMT
    Maren Kesselhon suffered nine deep cuts and tendon damage Wednesday when she jumped off a paddleboard on Island Lake in Minnesota. (Source: CNN)Maren Kesselhon suffered nine deep cuts and tendon damage Wednesday when she jumped off a paddleboard on Island Lake in Minnesota. (Source: CNN)

    An 11-year-old girl suffered bone-deep lacerations when what was probably a fish chewed on her foot and ankle as she cooled off in a northeastern Minnesota lake. 

    More >

    An 11-year-old girl suffered bone-deep lacerations when what was probably a fish chewed on her foot and ankle as she cooled off in a northeastern Minnesota lake. 

    More >
  • Our Apologies

    The page you requested is currently unavailable. Pages on this site are constantly being revised, updated, and occasionally removed. You may have followed an outdated link or have outdated pages in your
    You have reached a page which is currently unavailable. We apologize for any inconvenience. Please use your browser's BACK button to return to the previous pageMore >
  • Ohio cheerleader accused of burying baby alive in backyard

    Ohio prosecutor: Infant whose remains found was born alive

    Sunday, July 23 2017 12:49 PM EDT2017-07-23 16:49:59 GMT
    (FOX19 NOW/Michael Buckingham via AP). Brooke Skylar Richardson makes her first court appearance in Franklin Municipal Court in Franklin, Ohio on Friday, July 21, 2017. Richardson is charged with reckless homicide in a baby's death.(FOX19 NOW/Michael Buckingham via AP). Brooke Skylar Richardson makes her first court appearance in Franklin Municipal Court in Franklin, Ohio on Friday, July 21, 2017. Richardson is charged with reckless homicide in a baby's death.

    An 18-year-old Ohio woman is accused of burying an infant alive outside her family's home.

    More >

    An 18-year-old Ohio woman is accused of burying an infant alive outside her family's home.

    More >
Powered by Frankly
Fox 5
Powered by WorldNow CNN
All content © 2017, KVVU Broadcasting Corporation, Las Vegas, NV and WorldNow. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.