Appraisal Management News

Bernanke: Jobs and housing ‘holding back’ recovery

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Yahoo! News

High unemployment and a sclerotic housing market are holding back the US recovery, Federal Reserve Chairman Ben Bernanke said on Friday.

Lamenting the social costs of high joblessness and a depressed housing market, Bernanke said community groups, local leaders and businesses could all help stop the bleeding.

"Our economy is far from where we would like it to be, and many people and neighborhoods are in danger of being left behind," he told an audience in Arlington, Virginia.

"In some areas, for example, high foreclosure rates have produced significant numbers of vacant properties, depressing surrounding home prices, attracting crime, and creating financial burdens for local governments."

"Unemployment remains quite high, particularly among minorities, the young, and those with less education," Bernanke said, according to prepared remarks.

"The housing market is also holding back the recovery. The foreclosure rate remains very high, and many homeowners who have avoided foreclosure find themselves ‘under water,’ meaning their mortgage debt exceeds the value of their homes."

His comments come a day after official data showed the economy grew more slowly than expected in the first quarter of the year.

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Written by appraisalmanagementnews

May 2, 2011 at 3:05 pm

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