In our May 2005 article on the housing bubble, we included former Fed Chairman Greenspan's remarks about the rise in home prices.

May 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.

Now, 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.