An economist with the Federal Reserve Bank of St. Louis says we are still in the midst of the housing crisis
Nationwide, home prices have dropped 30 percent on average, and that's not good for the economy
Assistant Vice President Bill Emmons with the Federal Reserve in St. Louis
Emmons says the bulk of the problem stems from lenders leaving the 80/20 benchmark, where the bank requires 20 percent down on the loan to secure it.
Emmons doesnt see the housing crisis subsiding until possibly 2011.
Nationwide, home prices have dropped 30 percent on average, and that's not good for the economy
Assistant Vice President Bill Emmons with the Federal Reserve in St. Louis
Emmons says the bulk of the problem stems from lenders leaving the 80/20 benchmark, where the bank requires 20 percent down on the loan to secure it.
Emmons doesnt see the housing crisis subsiding until possibly 2011.
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