Bernanke: Recovery requires stable home prices

WASHINGTON – June 24, 2011 – For a recovery in the housing market to take hold, Fed Chairman Ben Bernanke said home prices need to stabilize, more loan modifications need to take place, and the foreclosure process needs to speed up.

Bernanke said during his second news conference of the year that the high number of foreclosures for sale needs to be cleared from the market so prices can stabilize and “give people confidence that they can buy and not be buying into a falling market.”

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