Problems in housing market continued to hold back U.S. economic recovery and impair the effectiveness of Federal Reserve policies, U.S. Federal Reserve Chairman Ben Bernanke said Friday.

"The state of the housing sector has been a key impediment to a faster recovery," Bernanke said in prepared remarks at the International Builders' show in Orlando, Florida.

Bernanke said problems in the housing market have restrained the broader economic recovery. He cited estimate that recent decline in home values may be reducing consumer spending, the main driver of U.S. economic growth, between 200 billion and 375 billion U.S. dollars per year.

Bernanke noted serious imbalance between supply and demand, tight mortgage credit, and overhang of empty and foreclosed homes hindered the rebound of housing market.

"Because some creditworthy households are finding it difficult to obtain mortgage credit or to refinance, the strong actions taken by the Fed to put downward pressure on longer-term rates and to improve financial conditions have less effect on the housing sector and overall economic activity than they otherwise would have had," Bernanke said.

Mortgage interest rates have been a key transmission channel of monetary policy. U.S. fixed mortgage rates have dipped to record lows. According to Freddie Mac, the 30-year fixed rate mortgage was 3.87 percent for the week ending Feb. 9. However, low mortgage rates haven't revived housing market.

Bernanke reiterated in his remarks the economic recovery has been "frustratingly slow" and stressed sustained efforts to help housing sector get back on its feet.