Friday, October 13, 2006

Housing market worst may be over: Greenspan

WASHINGTON (Reuters) - The U.S. housing market appears to be emerging from its recent travails and the "worst may well be over," former Federal Reserve Chairman Alan was quoted as saying on Friday.

"I suspect that we are coming to the end of this downtrend, as applications for new mortgages, the most important series, have flattened out," Greenspan said at an event in Calgary, Canada, sponsored by BMO Financial Group, according to a transcript BMO made available.

"There is a good chance of coming out of this in good shape, but average housing prices are likely to be down this year relative to 2005. I don't know, but I think the worst of this may well be over," he added.

Applications for U.S. home mortgages jumped in the latest week bolstered by increases in refinancing and new home purchases as long-term rates decreased, according to data from the Mortgage Bond Association.

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Isn't it incredible that we did not see this in our local newspapers or local news coverage?

2 comments:

Paul Ruff said...

I never understood why the media has to be so negative about Real Estate. Do they realize the the enormous financial impact on the state economy they have?
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Paul Guess said...

Paul.. Good news... the market has picked up so much... I'm just now getting back to responding to blog comments. For sure keep me posted where you are and what you are up to.. :-) Paul Guess