Housing Crisis Hurting Spending

Ben Bernanke from WikipediaFrom the Associated Press, MHProNews.com learns that Fed Chairman Ben Bernanke says declines in home prices are hurting consumer spending and could continue to weigh on the economy for years.The comments came during a speech to the National Association of Home Builders in Orlando. The broader economy won’t recover, Bernanke says without a recovery in the housing sector. “Recent declines in housing wealth may be reducing consumer spending between $200 billion and $375 billion per year,” Bernanke said. “That reduction corresponds to lower living standards for many Americans.” Bernanke said.

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