Greenspan sees U.S. house price bottom in ‘09: reports – MarketWatch
by Tom on May 14, 2008
in Uncategorized
Greenspan sees U.S. house price bottom in ‘09: reports – MarketWatch:
“LONDON (MarketWatch) — U.S. home prices will likely bottom out in early 2009 after the market absorbs excess inventories, former U.S. Federal Reserve Chairman Alan Greenspan told audiences in Asia Wednesday, according to news reports.”
Two thoughts on this:
1. I think Greenspan is right. The key to the market bottoming out is working through and absorbing the excess inventories that are on the market.
2. I think Greenspan is wrong. There is simply too much inventory in many markets for the inventory levels to return to normal amounts by the early part of 2009.
