To whom is owed the credit for the valley's housing rebound? - FOX 29 News Philadelphia | WTXF-TV

To whom is owed the credit for the valley's housing rebound?

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PHOENIX -

The focus of the president's speech was the economy and the valley's recovering housing market. The president is using Arizona as an example of the housing turnaround, and he cited several of his administration's policies as being instrumental in that turnaround.

But were they?

President Obama hailed home ownership as the American dream, one he says he helped many valley residents achieve these past few years, thanks to steps he's put in place. But some experts, even our governor, seem to disagree.

"Less than a month after I took office I came here to Arizona I laid out steps to stabilize the housing market," stated Obama Tuesday.

During his speech at Desert Vista High School President Barack Obama spoke of his visit to Arizona back in 2009 -- how the steps he laid out helped responsible homeowners get back on their feet after a hard hitting recession, and how his policies helped millions of Americans save an average of $3,000 a year by lowering mortgage rates.

"The increase in values for homes has changed dramatically."

Daniel Butterfield, real estate investment expert and CEO of IPX, an investment company, says the president is correct in saying home prices have risen 20% in Arizona -- but he believes consumer investors made it happen.

"We've seen investors who have bought properties, renovated and leased out the properties to wannabe homeowners, they waited for them to fix their credit and then quick qualify for FHA financing to regain home ownership. I've seen that be more successful than anything else."

"I'm always really pleased when President Obama comes to Arizona and shows interest -- however rather than coming to Arizona, trying to share our successes I wish he would learn from our examples of what we've accomplished in Arizona," said Governor Jan Brewer.

Brewer also said credit should be given to local leaders and community members, not the Obama administration.

President Obama laid out a multi-point plan to help Americans get a mortgage, refinance the one they've got, or at least have "a decent place to rent."

But Butterfield says those options already exist.

"I don't think that you can really change the program any more than it's already been changed, to allow people to buy housing, rather you simply have to give them more education," Butterfield says.

The president's five-step housing plan we mentioned, which requires private participation, includes: saving homeowners "thousands of dollars" annually by refinancing their mortgages at today's interest rates; making it harder for "reckless buyers" to buy homes, cutting red tape for responsible families; fixing the broken immigration system; rebuilding struggling communities; and investing in affordable rental housing.

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