(NNPA)—The State of the Union address is the only time of the year when all branches of government come together for updates on recent achievements and plans for new initiatives over the coming year. On Jan. 28, President Obama’s speech spanned a wide range of issues from the environment to middle class security, tax reforms and more. Yet one key issue that received only a brief mention has a $10 trillion effect on the nation’s economy: housing.
Speaking directly to Congress, President Obama said, “And since the most important investment many families make is their home, send me legislation that protects taxpayers from footing the bill for a housing crisis ever again, and keeps the dream of homeownership alive for future generations.”
Those few words spoke to an enormous volume of real-life concerns that remain unresolved for many Americans. From access to mortgage credit, to delinquencies and continuing foreclosures, research data reminds us that the economic recovery is just not happening for everyone.
According to the Federal Reserve’s 2012 Home Mortgage Disclosure Act data: