Fed Chairman Bernake Underscores Need for Housing Recovery

NAR appreciates remarks made by Federal Reserve Chairman Ben Bernanke in support of homeowners and the struggling housing market in testimony today before the House Budget Committee.

“We fully support Chairman Bernanke’s comments that the lack of available and affordable mortgage financing, low home values and high foreclosure inventories are inhibiting a meaningful housing market recovery. His remarks coupled with President Obama’s new housing proposal announced earlier this week, shows that the administration and Federal Reserve recognize the vital role that real estate plays in both the short- and long-term health of the nation.

“As the leading advocate for housing and homeownership issues, NAR has long said that restoring the health of the housing market is the only way to achieve an economic recovery.

“While we are beginning to see early signs of stabilization in the housing market, we continue to call on Congress and the Obama administration to come together and make housing a priority issue. We believe more can be done to address the lack of available and affordable mortgage financing to creditworthy borrowers and stem the rising inventory of foreclosed homes, which is depressing home values in communities across the country.

“Housing and homeownership issues affect all Americans, and stabilizing the housing market is critical to the nation’s economy making a meaningful recovery.”

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