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Obama: Housing Market 'Beginning to Heal'

U.S. President Barack Obama says the housing market is beginning to heal and now is the time to build on that progress.

The president said in his weekly address Saturday that Congress should give every American the chance to refinance their mortgages at today's low rates and should help qualified families with mortgages to buy their first homes.

The president said Congress must act to help make home ownership a source of pride and middle class security for generations to come.

Watch President Obama's weekly address:

Senator Tim Scott of South Carolina, in the the weekly Republican address, blasted the Obama administration for what he said was its blocking of new American energy production. The senator said energy production would create thousands of jobs and reduce dependency on foreign energy sources.

Watch weekly Republican address: