Buying a first home is 'prohibitively expensive' and 'almost impossible' for many, says Janet Yellen

• Janet Yellen told Congress that buying a starter home has become "prohibitively expensive."
• Soaring prices and mortgage rates have made it "almost impossible" for first-time buyers, she said.
• The Treasury chief flagged two proposed tax credits that could boost buying power and raise supply.

Owning a home is a key element of the American dream, yet it's become an unattainable fantasy for many people, Janet Yellen said.

"With house prices having gone up, and now with much higher interest and mortgage rates, it's almost impossible for first-time buyers," the Treasury boss said during testimony before the House Ways and Means Committee on Tuesday.