Obama: housing biggest drag on U.S. economy

Reuters News
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Posted: Apr 20, 2011 5:31 PM

WASHINGTON (Reuters) - President Barack Obama on Wednesday said the sluggish housing market is probably the biggest drag on the U.S. economy right now.

Obama, speaking at the headquarters of the social networking giant Facebook, also said the time has past when Americans could buy a house with very low down payments.

He was responding to a question about the challenges faced by those with low and moderate income in getting home loans.