Mortgage Credit Too Tight: Bernanke
NEW YORK ( TheStreet) -- The housing market is "far from being out of the woods," Federal Reserve Chairman Ben Bernanke said Thursday.
In a speech at the Operation HOPE Global Financial Dignity Summit in Atlanta, the Chairman said that while the recovery in housing was encouraging, the revival had been uneven and still faced challenges.
Home prices have risen for nine consecutive months, residential investment is up 15%, homebuilder sentiment is stronger and housing demand is picking up as a result of historically low mortgage rates.
But Bernanke also noted that 20% of mortgage borrowers still remained
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