In our May
2005 article on the housing bubble, we
included former Fed Chairman Greenspan's remarks
about the rise in home prices.
20, 2005 - Mr. Greenspan emphasized that he sees
no sign of a nationwide housing bubble, but he
acknowledged concerns over "froth" in
the market and pointed to a big increase in
speculation in homes - particularly in second
homes. As a result, he said, there are "a lot
of local bubbles" around the country.
over 1 year later, many parts of the country have been hit by a 10-20% decline in prices and DOM
(Days on Market) the longest they have been in at
least 8 years.