Federal Reserve Report Shows Housing Market Is Dragging

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The economic recovery is likely to be rocky, according to the latest Beige Book region-by-region report from the U.S. Federal Reserve on Wednesday. Tell us something we don't know. OK, the report suggests we are not headed for another recession. However, thanks to a stagnant housing market, high unemployment, gun-shy businesses and a skittish stock market, the recovery is having trouble gaining speed. The report also confirms that the homebuyer tax credit this spring created a bump in home sales that has not fully sustained itself.

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