It will be nice to see housing start a slow methodical climb.
Former Federal Reserve Chairman Alan Greenspan says U.S. house prices appeared to have bottomed out but were still fragile and that the country would not be out of crisis until prices stabilized.
While the economy is recovering, worries linger about continued weakness in the housing and labor markets.
The direct quote from Mr. Greenspan:
“We will not be out of this crisis until home prices truly stabilize in the United States. They appear to have stabilized but they are very fragile,” “Eventually housing will come back, it can’t get any lower,”
This was stated by Greenspan in a conversation with Mexico’s former Central Bank Governor Guillermo Ortiz.
The “it can’t get any lower” is the best part of the news, but it seems he expects a period of stabilization before growth.
Anyway, interest rates are low, prices are at 2003 and 2004 levels and there are plenty of government incentives around. Go find a place to buy. Want one in San Diego? Call me!
