Housing Prices Haven't Bottomed Yet, says Greenspan

November 23 2007 CNBC.com Former Federal Reserve Chairman Alan Greenspan said on Friday that U.S. house prices have not bottomed out after a crisis in the subprime mortgage market. "The markets are becoming aware that the decline in U.S. housing prices is not stopping. It is at an unprecedented pace compared to the last 50 years," Greenspan told a financial audience in the Norwegian capital. He said the housing bubble had burst and the market was "a good deal away" from its selling climax -- a point at which sellers ultimately lower their prices to match lower bids. He added that house prices underpin the mortgage market and also have a "wealth effect" on home owners

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Home Price Survey 2007
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