WASHINGTON (AFP) - US President George W. Bush warned Tuesday that "it's going to take a while to work through the downturn" in the crisis-hit US housing market, but said the US economy was resilient.
Asked whether he was edging closer to offering a stimulus package, Bush told reporters: "We're watching very carefully and we're listening to different ideas about what may or may not need to happen."
"And we'll work through this. We'll work through this period of time. And the entrepreneurial spirit is strong," he said. "I'm optimistic, as I've seen this economy, you know, go through periods of uncertainty."
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.
Asked about new figures showing a greater-than-expected drop in a key index, Bush reiterated that "I like the fundamentals, they look strong, but there are new signals that should cause concern."
"And one of the signals is the fact that the housing market is soft. And it's going to take a while to work through the downturn. The number you just reflected is an indication of softness," said the president.
Bush said he was working on efforts to help people keep their homes and urged the US Congress, which is in the hands of his Democratic foes, to make permanent a series of giant tax cuts that expire in the coming years.
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