La Jolla Real Estate - Greenspan- Drop in Home Prices May Cause Recession

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September 19, 2007

Former Fed Chief: Greenspan- Drop in Home Prices May Cause Recession
Alan Greenspan informed Reuters this week that the possibility of a big drop in home prices poses the greatest threat of pushing the country into a recession.

Greenspan believes that if the situation is left to fester, it will eventually erode individual household balance sheets and have a negative impact on consumer expenditures.

A better situation would be to have a mild decline in home prices coupled with a strong pullback in construction to clear inventories. That situation would put our economy in fairly good shape.

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