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Greenspan on Home Price Stabilization: 2008!

By Mike Jones

Mortgage and Lending with SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) NMLS 223495

April 07, 2008 11:52 PM

Alan Greenspan has taken a lot of heat for believing (and acting on his belief) that bubbles are okay, and that they will sort themselves out. No matter. He's retired.

He still has one of the most acutely perceptive minds in the business, however, and when Alan Greenspan talks, I'll listen. At a conference in Tokyo (hosted by Deutche Bank) Greenspan, while acknowledging that the credit crunch is the worst in half a century, said he expects the excess inventory of homes to shake out by early 2009.

This, perhaps, was his most encouraging comment: "...it is very likely that home prices will stabilize well before that."

From his mouth to God's ears!

I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.

Think of me as your local expert.

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George N. Piandes

Law Office of George N. Piandes, PC - Southborough, MA

MA Real Estate Attorney

Mike, that is very good news. Perhaps the media will stop will all the doom and gloom and stop scaring people!

Apr 08, 2008 12:03 AM

Annette Smith

Allen Real Estate Services, Inc. - Sarasota, FL

Sarasota Real Estate Agent

Mike, in Sarasota I notice that although there is still a great selection of homes and lots of inventory, the best homes priced correctly are selling. I do believe we are stabilizing. Is that the case with Tucson real estate?

Apr 08, 2008 12:06 AM

Lori Lincoln And Associates

Top Agent Serving Dighton Taunton, Rehoboth and more! - Taunton, MA

Top Agent Taunton,Dighton Rehoboth &more

Mike,

I love this market! In this type of market, the public actually can see our value.

Apr 08, 2008 12:11 AM

Mike Jaquish

Realty Arts - Cary, NC

919-880-2769 Cary, NC, Real Estate

Mike,

I love listening to that guy! Right or wrong, hit or miss, his intellect is always right up front.

Apr 08, 2008 12:28 AM

Billie Dalessio

Home Run Realty, LLC - North Haven, CT

Mike, I love Greenspan and his "cautious optimisim" thanks for the post.

Apr 08, 2008 12:37 AM

Larry Brewer - Benchmark Realty llc

Benchmark Realty LLc - Nashville, TN

Mike - In some parts of the country, prices were always stable, even when it was hard to get a loan.

Apr 08, 2008 12:37 AM

Susie Blackmon

Ocala, FL

Ocala, Horses, Western Wear, Horse Farms, Marketing

Greenspan is getting bashed for sure, but where were all the pundits a year ago? We need Warren Buffet! P.S. I posted some pictures for you...

Apr 08, 2008 01:10 AM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

"From his mouth to God's ears" Amen to that one brother.

Apr 08, 2008 01:18 AM

Don Rogers

Keller Williams Realty Chesterfield - O'Fallon, MO

Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

"Encouraging" is right. Now for the media to change their negative comments and understand that all real estate is local and not national as they have been portraying it.

Don R.

Apr 08, 2008 01:47 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Mike, I think Greenspan is definitely one of the smart people out there. And now he doesn't have to be as careful about what he says as when he was Fed chairman. This is indeed encouraging!

Apr 08, 2008 05:05 AM

Karen Luke

South Metro Property Management, LLC - McDonough, GA

Henry County Real Estate

I keep hearing that we are finally at the bottom of this decline. The only way to go now is up. I sure do hope that is true.

Apr 08, 2008 05:55 AM

Rita Bradley

Laguna Hills, CA

Valuation Consultant in Orange County California 949-916-3263

Something's gotta give right? Best wishes to you Mike!

Apr 08, 2008 06:16 PM

Mike Jones

SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ

Mike Jones NMLS 223495

Thanks, Rita!

We're doing all right in this market.

Karen,

We may be close to the first step up!

Pat,

Thanks for coming by to comment!

Don,

By the time the media get on board, it will be old news.

Judy,

Thanks for commenting!

Susie,

Thanks for the pics! ...and for commenting.

Larry,

That's true, and the crunch on credit seems to be out of the news now, too.

Billie,

I'll take cautions optimism over cynical pessimism every day of the week. LOL

Hey, Mike!

Missed you. Thanks for coming by to comment.

Lori,

That's the outlook! Good comment!

Annette,

The same is going on here. One thing that's moving our market is that this is a University town, and it's Kiddie Condo time!

George,

Soon we'll see media articles telling us that it's the media who actually turned things around. LOL Thanks for being the first to comment.

Mike in Tucson

Apr 09, 2008 12:07 AM

Sharon Paxson

Sharon Paxson, Realtor® EQTY Forbes Global Properties - Newport Beach, CA

Newport Beach Real Estate

Mike - this is good news. I too listen when Greenspan speaks, and perhaps this will have a positive affect on the economy.

Sharon

Apr 09, 2008 02:49 AM

Chuck Willman

Chuck Willman - Alpine, UT

NewHouseUtah.com

I think the planned arrangement for this particular conference was this: from his mouth to Deutche Bank's marketing department, small fee paid in yen, then to God's ears. Of course big-man-upstairs enterprises has methods of hearing these things firsthand anyways.

Don't get me wrong- I'm a huge Greenspan fan. However, as I always wondered what he was really saying while at the Fed- I haven't quite figured out how to filter his declarations these days now that he's in the much more public role as a super-highend-data -prognosticator -for -hire role. Maybe he's more the straight shooter now- but I wonder what he says in private as he makes his speculations.

Apr 09, 2008 06:54 AM

Tara Colquitt

Tara Colquitt, The Credit Woman, LLC - Philadelphia, PA

Credit Counselor

Mike: Greenspan is still the person I thing of regardless if he is retired. We'll see, won't we?

Apr 12, 2008 02:23 AM