Federal Reserve Board Governor Elizabeth Duke Friday said that in the wake of the U.S. housing crisis, certain areas with high residential-property vacancy rates will require government intervention to heal.

An "unprecedented volume of foreclosures" has "left us with an extraordinary level of vacant and distressed properties," Duke told a luncheon audience at a distressed residential real estate conference hosted by the Federal Reserve Bank of New York.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.