Posted To: MND NewsWire
Federal Reserve Bank Chairman Ben S. Bernanke , speaking to the National Association of Home Builders, said that the typical post-recession behavior of the housing market , resurging to help fuel reemployment and rising incomes, has not played out this time and housing remains a key impediment to a recovery. The chairman reviewed the current state of the housing market, telling the builders of a major imbalance between supply and demand with 1-2/4 million homes currently unoccupied and for sale and 2 million more in the foreclosure process. At the same time, factors are constraining demand such as a decline in household formation, high unemployment and uncertain job prospects, and wariness about home ownership as an investment. The availability of credit is another constraint. This imbalance…(read more)
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