This afternoon, Secretary of Housing and Urban Development Julián Castro sent the following message to the White House email list. In it, he highlights the progress our housing market has made during President Obama's time in office, and how a new directive from the President will help more American families purchase their own homes.
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When my tenure as Secretary is over, I won't judge my time by how many initiatives my Department has launched, or how many press releases we've put out. I'll judge my tenure by the results -- by how we were able to make opportunity real for families across America.
I'm proud to be serving under a President who shares the same commitment to policies that put everyday Americans first. President Obama has guided our nation out of a historic crisis and into an economy that's picking up momentum. In just six years -- thanks in large part to his actions -- millions of Americans have been able to stay in their homes, and home sales are up by nearly 50 percent.
We're not stopping there. Today, the President announced that he's directing the Federal Housing Administration to reduce mortgage insurance premiums, which will help 250,000 American families buy a home over the next three years.
Thanks to President Obama's actions today, homeownership will be more accessible, and more sustainable for more Americans. Share the news, and take a look at a few charts that show exactly how far our housing system has come:
In 2008, home values were on the decline, but they've been rising for three years now.
New foreclosures are at their lowest levels since 2006.
The number of U.S. homeowners who are underwater on their mortgages -- meaning they owe more than their home is worth -- is down by nearly 10 million.
There's no denying the progress we've made over the past few years, and we will continue working until every responsible, hardworking American is able to own a home.
Secretary Julián Castro
Department of Housing and Urban Development