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Obama: housing oversupply still hobbling economy

COLUMBUS, Ohio (Reuters) - President Barack Obama said on Wednesday that an over-supply of homes built during the property bubble was slowing the economic recovery.

“The housing market is still a big drag on the economy as a whole,” Obama said. “It is going to take some time for us to absorb this inventory, that was really too high.”

Obama was speaking on the final day of a three day campaign-style swing across the country to stump for fellow Democrats ahead of the November 2 midterm congressional elections and promote his economic policies.

Reporting by Alister Bull; Editing by Jackie Frank

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