April 20, 2011 / 9:30 PM / 8 years ago

Obama: housing biggest drag on U.S. economy

President Barack Obama delivers remarks at the Easter Prayer Breakfast in the East Room at the White House in Washington, April 19, 2011. REUTERS/Jim Young

WASHINGTON (Reuters) - President Barack Obama on Wednesday said the sluggish housing market is probably the biggest drag on the U.S. economy right now.

Obama, speaking at the headquarters of the social networking giant Facebook, also said the time has past when Americans could buy a house with very low down payments.

He was responding to a question about the challenges faced by those with low and moderate income in getting home loans.

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