HUD secretary concedes obstacles to home ownership

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WASHINGTON (AP) — Shaun Donovan, secretary of housing and urban development, said Sunday he thinks it’s unlikely that home prices will continue to drop and calls it a good time to buy a home.

Mr. Donovan acknowledged that officials must find ways to provide access to home ownership that doesn’t require a 20 percent down payment.

Mr. Donovan warned that officials must not “overcorrect” the problems that led to the housing crisis. He said the federal government can’t go so far in the other direction of housing regulation that it effectively denies new housing for deserving people with good credit ratings.

The housing secretary said the Obama administration has made progress in resuscitating the housing market but acknowledged that “we are not where we need to be.”

Mr. Donovan spoke on CNN’s “State of the Union.”

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