To win reelection. People actually thought he actually cares about fixing the economy? 
Homes are still expensive as it is, and govt interference is keeping people on the sidelines until a real correction is allowed to take place.
I myself am in that boat. I have a ton of cash on hand and am looking at homes, but I won't by since I know prices are being kept afloat by bogus govt stimulus and the taxes reflect bubble era appraisals.