Housing still impediment to U.S. growth: Fed officials
A disappointing rebound in U.S. housing continues to trip up the country's overall economic recovery, two influential Federal Reserve officials said on Friday, highlighting a corner of the economy that still frustrates monetary policymakers.
New York Federal Reserve Bank President William Dudley said the housing market's failure to fully respond to the Fed's easy money policies remains a headwind to U.S. growth, while Elizabeth Duke, a governor at the central bank, highlighted problems associated to the "extraordinary" level of abandoned properties.
A bubble in the U.S. housing market was at the core of the 2007-2009 financial crisis and the lackluster environment that continues to hamper the world economy today. See the full story at www.reuters.com.