Nation’s Building News Report:

Federal Deposit Insurance Corporation Chairman Sheila Bair on October 13 cited encouraging signs for housing but also indicated that recovery of the real estate sector will take time and that the home finance system will have to be restored and taken off government life support.

“The economy is now recovering, but progress is slow, and the effects of the recession — including high unemployment — are likely to persist for some time,” said Bair.

“Once again, the health of the real estate sector will be crucial in determining the path of the entire economy,” she said. “Restoring stability and normalcy to residential and commercial real estate markets will be essential to establishing a more robust economic recovery. But we still have a lot of work to do to repair our system of mortgage finance.”

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