Complete Coverage
Special Report Issue #1: America's Money
Greenspan: Home market could bottom in 2009
Former Federal Reserve chairman says housing market could stabilize next year or 'beyond' - report.
NEW YORK (CNNMoney.com) -- Alan Greenspan, former chairman of the Federal Reserve, projects that housing prices could bottom out in 2009 - or maybe later - according to a news report.
"Home prices in the U.S. are likely to start to stabilize or touch bottom sometime in the first half of 2009, " said Greenspan to The Wall Street Journal.
But he also added that "prices could continue to drift lower through 2009 and beyond," according to the newspaper.
He said the "excess supply" of housing units, some 800,000 units above normal, is running out.
Appointed by former President Ronald Reagan, Greenspan served as chairman from 1987 to 2006, when he was replaced by Ben Bernanke. 
Features
-
These 5 cities have the fastest-growing foreclosure rates. And they're not the usual suspects. More -
Now you can get the $8,000 credit through June 2010 -- or $6,500 if you're not a first-time buyer. More -
Home prices are forecast to plummet, but these 7 cities are predicted to post gains. More -
Home prices have grown in the beer-guzzling heartland and fell in the wine-sipping coastal states. More -
Investors think Detroit's foreclosed houses are a deal. Would you buy this one for $6,900? More -
Economic growth, affordable wages -- these spots have what entrepreneurs need to thrive. More
