Low prices, lots of inventory, miniscule interest rates… what’s missing? Oh, yeah

Low mortgage rates and great prices aren’t enough to get people buying homes — so says Fed chairman Ben Bernanke in his testimony before the House Committee on Financial Services. That’s because too many people lack the cash for a down payment, and even the ones that have the money are skittish about their jobs.

Or, as Bernanke put it,

[M]any potential buyers lack the down payment and credit history required to qualify for loans; others are reluctant to buy a house now because of concerns about their income, employment prospects, and the future path of home prices.

Click here for the whole economic statement.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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