Paulson: Housing 'at or near bottom'

Paulson: Housing 'at or near bottom'

But Treasury secretary gives no timetable for recovery; says financial markets remain healthy despite subprime mortgage mess.

July 2 2007: 4:40 PM EDT

WASHINGTON (Reuters) -- Treasury Secretary Henry Paulson said Monday the U.S. housing market correction was "at or near the bottom," although it could be some time before an upturn.

"In terms of looking at housing, most of us believe that it's at or near the bottom," he told Reuters. "It's had a significant impact on the economy. No one is forecasting when, with any degree of clarity, that the upturn is going to come other than it's at or near the bottom."

Courtesy CNN Money.com

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