Members of the Federal Reserve's monetary policy committee are concerned the recovery in the housing market has "stalled," according to newly released minutes of its April 28 meeting.

Federal Open Market Committee (FOMC) members noted that home prices have stabilized in many parts of the U.S. and in some areas are rising.

However, certain members see "elevated foreclosures as posing a downside risk to home prices," according to the transcript.

The FOMC minutes reveal that members discussed the Fed's $1.25 trillion MBS purchase program which ended, as planned, on March 31.

The discussion centered on when the central bank should begin the sale of MBS as well as the pace of those sales.

There was a wide range of views and no decisions were made concerning a strategy.

For now, the Fed will continue to allow its MBS portfolio to run off.

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