Housing Glut Hurting Recovery: Obama

An over-supply of homes is hampering economic recovery in the US said President Obama during a stop in Ohio.

“The housing market is still a big drag on the economy as a whole,” the President said. “It is going to take some time for us to absorb this inventory, that was really too high… We were building 2 million homes a year when only 1.4 were being absorbed.”

Source: BBC News

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