US Mulls Fresh Steps To Ease Housing Slump: Paulson

[Purveyor]

WASHINGTON (AFP) - US Treasury Secretary Henry Paulson said Monday that the housing market's woes are far from over, and that the government was studying fresh measures to minimize economic harm.

Paulson said a housing correction had been "inevitable" following years of rocketing property prices, but that the government wanted to provide effective remedies to offset the housing downturn rather than providing quick fixes.

The US housing market has been in a decline for almost two years as property sales have slumped and prices have tumbled amid tightening credit, triggering wider economic uncertainty.

"Our most immediate goal is to minimize the impact on the real economy," Paulson said in a speech to securities analysts in New York.

"This will require patience as we thoughtfully evaluate next steps. Working through the current situation and getting the policy right is more important than getting the policy announced quickly," Paulson said.

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