President Obama today traveled to Falls Church, Va., to give a speech about the housing market, building on his State of the Union promise to help homeowners who are struggling with their mortgage.
The Virginia suburb is just inside the I-495 loop and a popular area for commuters who work in Washington DC.
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“Here in Falls Church, home values have fallen by about a quarter from their peak,” Obama stated. “In places like Las Vegas, more than half of all homeowners are underwater. More than half.”
Homeowners in Falls Church have watched the value of their homes decline in recent years. According to Zillow, the median house price in Falls Church in April of 2007 peaked at $477,000. In November of 2011, it was $390,000.
Falls Church Median Sale Price
Falls Church Home Values – Interactive chart
“There are actions we can take right now to provide some relief to folks who’ve been responsible, have done the right thing, and are making their payments on time.” Obama said, announcing a bill he planned to send Congress, which would encourage “responsible homeowners” to refinance their loans at the current national rate.
