Fed's aggressive asset purchases revived housing: Rosengren
President and Chief Executive Officer Eric Rosengren of Federal Reserve Bank of Boston noted that the Federal Reserve's large-scale asset purchases has led to improvement in interest-sensitive sectors including housing.
Rosengren noted that housing has been "among the fasting growing components of real Gross Domestic Product over the past year."
Thus, some of this improvement is due to the Fed's LSAP policies.
Rosengren addressed the benefits of the LSAP program as an instrument of monetary policy during the University of Chicago Booth School's Monetary Policy Forum in New York.
Loan rates on mortgages have declined since the zero lower bound for the federal fund rates was hit, and home sales have been improving, Rosengren stated.
Click on the graph to view housing idicators.