Obama: Another year or more for housing turnaround
President Barack Obama says it likely will be another year to 18 months before home prices start rising again and sales start to pick up.But he says the federal government can't accomplish that alone, but will need support from the banking industry and others to make sure the market pulls out of its slump.
Obama provided no support for his prediction. His comments Wednesday came in response to questioner at a town hall in Atkinson, Ill..
The president is wrapping up a three-day bus tour of Minnesota, Iowa and Illinois. He was holding a second town hall Wednesday afternoon in Alpha, Ill., before returning to the White House.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
President Barack Obama is venturing from Iowa into politically familiar territory, taking his bus motorcade into his home state of Illinois as he wraps up a three-state tour through the cornfields, towns and cities of the Midwest.
The president will hold two town hall meetings Wednesday in western Illinois, the state he once served as senator. He'll then return to Washington for the start of a vacation.
The tour -- covering Minnesota and Iowa as well as Illinois -- has given Obama a chance to command attention just after Republican presidential candidates dominated the news with a debate and straw poll in Iowa.
He has used the trip to criticize his presidential and congressional opponents and to outline modest economic proposals in advance of Congress' return to Washington next month.
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