Obama: Another year or more for housing turnaround

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ATKINSON, Ill. (AP) — President Barack Obama says it likely will be another year to 18 months before home prices start rising again and sales start to pick up.

But he says the federal government can’t accomplish that alone, but will need support from the banking industry and others to make sure the market pulls out of its slump.

Obama provided no support for his prediction. His comments Wednesday came in response to questioner at a town hall in Atkinson, Ill..

The president is wrapping up a three-day bus tour of Minnesota, Iowa and Illinois. He was holding a second town hall Wednesday afternoon in Alpha, Ill., before returning to the White House.