Alan Greenspan recently commented that he expects the US housing market to begin its recovery in the first half of 2009.
From Yahoo News,
"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.
Once the housing market finds it footing, markets will be able to tackle the core issues of the credit crisis."
Glory, glory hallelujah. Yeah, yeah, I know other guys think we're eternally doomed. I choose to believe in the power of positive thinking and the resiliency of the markets. Frankly, I think it would be Un-American not to. So there.
Think long-term and get over the drama. Again, I must ask do you think a home here in San Francisco will be worth more or less in the year 2014, which is just over 5 years from now?
