Housing recovery to take few more years: Geithner

WASHINGTON Wed May 25, 2011 9:02am EDT

Treasury Secretary Timothy Geithner is pictured at a briefing on the Social Security and Medicare Trustee reports released at the Treasury Department in Washington, May 13, 2011. REUTERS/Jason Reed

Treasury Secretary Timothy Geithner is pictured at a briefing on the Social Security and Medicare Trustee reports released at the Treasury Department in Washington, May 13, 2011.

Credit: Reuters/Jason Reed

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WASHINGTON (Reuters) - It will take several more years for the housing market to completely recover, U.S. Treasury Secretary Timothy Geithner said on Wednesday.

"We're sort of three or four years into the housing repair, you could say," Geithner told Politico in a live interview.

"But we've got several more years to go. Again just realistically I think it's going to take time still to heal that," Geithner said.

Geithner also said the United States "absolutely" has a jobs crisis, noting that unemployment remains very high and will come down "too slowly for everybody."

(Reporting by Doug Palmer; Editing by Chizu Nomiyama)

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Comments (2)
DocJR wrote:
It is discouraging to see that Geithner is as clueless as everyone else in government who, seemingly, is trying to revive our economy. It is obvious that jobs need to be created. A healthy real estate industry could create up to five million new jobs. Geithner – please evaluate transfer fee programs. If you do not know what I am talking about – you shouldn’t be in the Treasury.

May 26, 2011 2:23pm EDT  --  Report as abuse
DrJJJJ wrote:
2019 looks like a better year? Thank you Freddie/Fannie-the folks that backed 75%+ of the home give away program! Another example of fine government management/ideas gone bad!

May 27, 2011 2:31pm EDT  --  Report as abuse
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