Obama discusses housing with Zillow as King Co. market recovers

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by KING 5 News

KING5.com

Posted on August 7, 2013 at 9:52 AM

Updated Wednesday, Aug 7 at 9:59 AM

President Barack Obama will join an online discussion about the housing market on Wednesday at 10 a.m.

The CEO of Seattle-based housing website Zillow will host the forum, and it will be streamed on Zillow. Visit zillow.com/whitehouse to watch live.

The conversation comes after Obama offered more help for struggling homeowners and potential buyers. The president wants to expand a federal refinancing program to individuals who don't have federally backed mortgages and dismantle the mortgage giants Fannie Mae and Freddie Mac.

While Obama is helping people struggling to stay in their homes, the housing market here in King County is bouncing back, especially around the Puget Sound.

In King County, home prices are up 15 percent from a year ago. The median price for a house in King County is now $434,000, and there were more than 9,500 pending sales during July.

Some experts say that a low inventory is driving up home prices. For example, King County has less than a two-month supply of homes listed for sale. A healthy market should have at least a five-month supply, most realtors say.

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