Ben Bernanke, chairman of the Federal Reserve, told senators that the economic outlook 'remains unusually uncertain.'
The Fed announced today that it expects inflation to be subdued for some time, a contrast to its more concerned statement in April.
Unable to sell, a growing number of homeowners are simply pulling homes from market.
Despite a 3/4-point rate cut Tuesday, mortgages are costlier than a month ago.
Aggressive moves to cut interest rates by America's central bank are intended to stave off a financial meltdown.