Bernanke: Lagging Real Estate Drags Down Investments
Despite the nation seeing a robust increase in business investments last year, the real estate sector remains weak with construction lagging and foreclosed homes still littering the market.
Palm Coast, FL – February 9, 2011 – Despite the nation seeing a robust increase in business investments last year, the real estate sector remains weak with construction lagging and foreclosed homes still littering the market, Federal Reserve Chairman Ben Bernanke testified before the U.S. House Committee on the Budget Wednesday.
During his testimony, the Chairman said while unemployment remains high, evidence of a "self-sustaining recovery" driven by consumer and business spending has surfaced in economic data. He added that real consumer spending grew at an annual rate of 4% in the fourth quarter.
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