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During his State of the Union address, President Obama touted a home loan refinancing bill that’s currently sitting in Congress.
The president in his Tuesday night speech claimed the bill's passage would give homeowners a chance to "save $3,000 a year by refinancing into today’s low rates."
The statement came during a small cluster of comments on housing. The president took a more aggressive, if somewhat ambiguous position, on real estate saying, “The good news is our housing market is finally healing.”
He added, “Home prices (recently) rose the most in six years and construction is up again.”
Yet, the president lamented that too many families with solid credit cannot buy homes at today's low interest rates with financing still unavailable for many potential homebuyers.
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