Housing recovery to be drawn out: Fed's Yellen

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Housing recovery to be drawn out: Fed's Yellen (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The housing recovery will be a long, drawn-out process even as the economic recovery progresses because of the high share of distressed sales, the large inventory of vacant homes and tight mortgage credit, the number-two Federal Reserve official said Thursday. Speaking to a Cleveland Fed summit on "housing, human capital and inequality," Fed Vice Chair Janet Yellen painted what she called a "gloomy" picture that's had a particularly negative impact on low- and moderate-income neighborhoods.

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