This is the VOA Special English Economics Report.
More bad news for the American housing market:
The Mortgage Bankers Association says housing repossessions are at their highest rates ever, led by California and Florida. And loan payments at least thirty days late are at their highest since nineteen eighty-five.
Problems in the housing market represent the greatest risks to the economy.
Central bank chief Ben Bernanke says helping the economy is now more important than fighting inflation. He told the Senate Banking Committee last week that conditions are more difficult now than they were in two thousand one. That was the last year in which the American economy was in a recession.
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