WASHINGTON — The U.S. housing market remains “severely” out of balance, hampering economic recovery, and while a longer-term policy needs to be defined, balancing supply and demand is an “immediate priority,” Elizabeth Duke, a member of the Board of Governors of the Federal Reserve, said Thursday.

“Regardless of how we got here, we, as a nation, currently have a housing market that is so severely out of balance that it is hampering our economic recovery,” she added.

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