Good [Housing] News from Mr. Greenspan!
Courtesy: Associated Press Housing market stabilizing in U.S., Greenspan says
Wed, November 29, 2006 By AP
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NEW YORK -- Former Federal Reserve chairperson Alan Greenspan said yesterday the worst of the housing adjustment was over, and he was preparing to publish an analysis of the "serious dispute" over the true effect of mortgage wealth on consumer spending.
Housing starts and other data indicated the dampening effect that a slow housing market had on gross domestic product was at its maximum in the third quarter, when growth slowed to a weaker-than-expected 1.6 per cent annual rate, he said at an investor conference organized by investment bank Friedman, Billings, Ramsey Group Inc.
Greenspan said he expected inventory levels to come down at a reasonable pace and that sales figures have stabilized