Former Fed Chief … Would Not Be Surprised If The Housind Drop Was “in double digits.”

Former Federal Reserve Chairman Alan Greenspan said in an interview published on Sunday that the US housing slump is likely to deepen more than many analysts expect, recording as much as a double-digit drop.

Dr Greenspan said the decline in house prices was going to be larger than most people expected and that he would expect "as a minimum, large single-digit" percentage declines in US house prices from peak to trough and added that he would not be surprised if the fall was "in double digits".

Also, Dr Greenspan said the bigger long-term risk for the US economy and the global economy was inflation.

Already a number of San Diego homes are down double digits! Our first post about San Diego real estate being down double digits was in January 2007! The following are some of our prior posts on this value decline: 2007 – The Year of the San Diego real estate turnaround?, Real Estate vs. Stocks – Which is the Better Investment?, 10% to 15% Additional Home Depreciation Forecast in 2007, Median San Diego Home Price Still Falling!, Denial – It’s alive and well when it comes to one’s home value

[tags] greenspan, housing market, real estate market, real estate bubble, housing bubble[/tags] San Diego real estate agents

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