Posted by writer in Realtors

Federal Reserve policymakers expect the slumping housing market to restrain U.S. economic growth this year and next, as more Americans fall behind in their mortgage payments and lose their homes to foreclosure, Chairman Ben S. Bernanke told Congress yesterday.

Home sales are likely “to remain sluggish for a time” while declining home construction “will likely continue to weigh on economic growth over coming quarters,” Bernanke said in testimony to the House Financial Services Committee. “Rising delinquencies and foreclosures are creating personal, economic and social distress for many homeowners and communities — problems that likely will get worse before they get better.”

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