Monday, August 3, 2009

The Fed; Housing Stabilizing

Federal Reserve Chairman Ben Bernanke said today that the economy appeared to be stabilizing, but cautioned that a full recovery was months away.

“We continue to expect economic activity to bottom out, then to turn up later this year,” Bernanke noted to Congress.

Bernanke noted that improved home sales as evidence of improvement in the housing sector.

His comments were that sales have been “fairly stable” since the later half of 2008, also noting that this was primarily due to reduced sales prices which in his mind have made affordability better for all Americans.

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