The “severely out of balance” housing market is greatly hampering the nation’s economic recovery, and solving the supply-and-demand issues in the housing market needs to be an “immediate priority,” Elizabeth Duke, member of the Board of Governors of the Federal Reserve, said late last week to the Federal Reserve Board Policy Forum during a speech, “The Housing Market Going Forward: Lessons Learned from the Recent Crisis.”
http://realtormag.realtor.org/daily-news/2011/09/06/fed-official-housing-market-severely-out-balance