Fed Sees Signs Of Economic Recovery But Weakness In Housing
The nation's economic recovery is on "firmer footing" with conditions in the labor market "improving gradually," the Federal Reserve said Tuesday following its monetary policy meeting. The Fed's view of the economy was noticeably more upbeat, but that optimism stopped short when the discussion turned to housing. With property values still sliding, a ballooning foreclosure pipeline, and a shadow inventory of distressed REOs that experts say could take more than three years to clear, the Fed stated bluntly, "the housing sector continues to be depressed." » Read More
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