Why the National Association of Realtors would hire the most prominent architect of the Housing Bubble to speak at their midyear meeting is totally beyond me understandable: they want to hear some someone "talk their book". Greenspan certainly has the credentials. His management of our nation's money supply fueled the bubble and lined the pockets or Realtors. How can they not love and revere him?
I was particularly intrigued when I heard him say "We are finally beginning to see the seeds of a bottoming" which he immediately followed up with "NOT IN PRICES YET" Folks, I would take that as a WARNING: we have not seen the bottom yet. Yes, a bottom of sorts has formed and we have been bouncing along it, but the possibility of a ledge (or cliff) before us still exist.
Bear in mind this is the same Greenspan who said" "“I suspect that we are coming to the end of this downtrend, as applications for new mortgages, the most important series, have flattened out,” in Oct of 2006