MONTCLAIR, N.J. (AP) — The slump in the housing market
and excessive debt are hindering the economic recovery in New Jersey.
That's the view of Federal Reserve Bank of New York President Bill Dudley,
who believes New Jersey's economy is improving at a moderate pace.
Dudley says there's "a lot of stress on New Jersey families."
The Record newspaper reports Dudley says while there are signs that housing
prices are starting to firm, delinquent mortgage debt in New Jersey is three
percentage points higher than the national rate.
Dudley also says the state's average debt per person is about $63,000.
Dudley spoke to the Morris County Chamber of Commerce and at Montclair State
University on Tuesday.