Greenspan Says Recovery Coming in Early 2009 For Real Estate
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Take this with a grain of salt.
Alan Greenspan is still trying to spin his magic as the economic orator and has come out saying that the real estate market will start it’s recovery in early 2009.
I hope he is right for all of our sakes but I do have to admit that Greenspan’s reputation has taken a hit in the past few weeks in our household. Hindsight is 20/20 but the mess he left Bernanke is coming home to roost now and we are all paying the price.
Greenspan wrote that the recent slowing in the rate of decline in U.S. home prices is the first positive note in the year-long trauma and that eventually, frozen credit markets will thaw “as frightened investors take tentative steps toward reengagement with risk.”
“More conclusive signs of pending home price stability are likely to become visible in the first half of 2009,” he wrote. via msnbc.com
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Comment by Rhea on 13 October 2008:
I just don’t see it. The inventory of properties (with many more foreclosures in the pipeline) will still grow for some time.
Pingback by Hitting the Links: Columbus Day Edition | Redfin Boston Sweet Digs on 13 October 2008:
[...] Alan Greenspan feels pretty good about the economic recovery. [The Real Estate Blogger] [...]
Comment by Brandon on 13 October 2008:
The first line of this entry speaks volumes about how far Greenspan’s reputation has fallen recently.
Comment by David Knudsen on 15 October 2008:
I think the world changed in mid-September with the Lehman bankruptcy and related fallout. Had we just continued on a slow path to recession, I might agree that housing is due for an upturn in early to mid 2009. Now I’m far less sure. The “slowing rate of decline” is a backward looking indicator, based on closed sales — and that data only reflects buyer behavior up through early August. We won’t see the effect of the September meltdown until the October sales data, which won’t be out until late November.
Comment by Tony Sena on 17 October 2008:
Alan Greenspan has been flat wrong about the real estate economy for the last several years. Even though I believe some real estate markets will start showing signs of recovery in 2009, many real estate markets probably won’t show any significant change until 2010 and into 2011.
Comment by Todd Covington on 5 December 2008:
Is not this guy who got us in this mess in the first place. I swear, it just seems like one fool after another. I just started in real estate and I can honestly say I don’t see the market turning around until 2010. The faster home prices fall, the quicker we will be back on track. While I am an agent, I think home prices are still WAY overpriced.
Comment by anonymous on 1 January 2009:
we can hope!