Obama presses lawmakers on action to aid housing recovery

U.S. President Barack Obama on Saturday urged Congress to help homeowners reduce housing mortgage burdens and support the nascent real estate sector recovery.

The U.S. housing market that was in tatters is showing new signs of real strength. "Sales are rising. Foreclosures are declining. Construction is expanding. And home prices that are rising at the fastest rate in nearly seven years are helping a lot of families breathe a lot easier," Obama said in his weekly address.

"To keep our housing market and our economy growing, Congress needs to step up and do its part."

Congress should pass a law giving every responsible homeowner the chance to save about 3,000 U.S. dollars a year on their mortgage by refinancing at historically low interest rates, Obama suggested.

Congress should also put more Americans to work in rebuilding crumbling roads and bridges, like the one that collapsed last week in Washington state, in order to lower the unemployment rate currently hovering at 7.5 percent, he said.