Alan Greenspan came out today and called his 4th or 5th bottom. Why should we belive him or anyone else at the Fed? This is what Greeny said in 2006:
Former Federal Reserve Chairman Alan Greenspan said the "worst may well be
over" for the U.S. housing industry that's suffering its worst downturn in
more than a decade. I suspect that we are coming to the end of this
downtrend, as applications for new mortgages, the most important series, have
flattened out." - October 2006
Lets flashback to what the head housing cheerleader at the Fed(who worked for the NAR and MBA) said in 2006 in Time Magazine:
"My view is that the run-up of home prices has been driven by the fundamentals,"
says Dick Peach, an economist with the Federal Reserve Bank of New York. He
figures we'll have a soft landing"
Don't believe the liars and crooks at the Fed!