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.
I show up ON TIME. I do WHAT I SAY I'm going to do. I FINISH what I start. If I mess up, I 'FESS UP & I fix it. In the mortgage business, these 4 things are why you'll want to do business with me.
Tucson Artist Tom Murray Captures the Essence of the Southwestern Sky
Unique Little Property in Tucson Begs for Unique Buyer!
"Success Is Where Preparation Meets Opportunity" Zig Ziglar
Lazy Sunday Night in the Monsoon Season, Tucson, Arizona
Saturday Night in the Desert: Cactus Moon Rising
Think of Your Network Development as Deep Roots for Tough Times
Home, Home on the Ridge. Tucson, Arizona
Live Venomous Critters at the Arizona Sonoran Desert Museum in Tucson, AZ (2 of 2)
Live Venomous Critters at the Arizona Sonoran Desert Museum in Tucson, AZ (1 of 2)
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
Mike, that is very good news. Perhaps the media will stop will all the doom and gloom and stop scaring people!
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?
Mike,
I love this market! In this type of market, the public actually can see our value.
Mike,
I love listening to that guy! Right or wrong, hit or miss, his intellect is always right up front.
Mike, I love Greenspan and his "cautious optimisim" thanks for the post.
Mike - In some parts of the country, prices were always stable, even when it was hard to get a loan.
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...
"From his mouth to God's ears" Amen to that one brother.
"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.
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!
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.
Something's gotta give right? Best wishes to you Mike!
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
Mike - this is good news. I too listen when Greenspan speaks, and perhaps this will have a positive affect on the economy.
Sharon
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.
Mike: Greenspan is still the person I thing of regardless if he is retired. We'll see, won't we?