Greenspan Says Recovery Coming in Early 2009 For Real Estate

Take this with a grain of salt.

Alan Greenspan is still trying to spin his magic as the economic orator and has come out saying that the real estate market will start it’s recovery in early 2009.

I hope he is right for all of our sakes but I do have to admit that Greenspan’s reputation has taken a hit in the past few weeks in our household. Hindsight is 20/20 but the mess he left Bernanke is coming home to roost now and we are all paying the price.

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.