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Greenspan: Housing Market Bottom Yet To Come

Today I wrote that pending home sales hit a two-year high in June — seemingly another indication that the housing market has hit bottom.

But former Federal Reserve Chairman Alan Greenspan warned on ABC’s “This Week With George Stephanopoulos” Sunday that recent signs of housing stabilization might only be temporary, according to a Reuters report.

Foreclosures are expected to rise in coming months as banks dump more inventory on the market and pay-option adjustable rate mortgages recast.

It is possible that could get a second wave down … Under those conditions, we would get a very significant change in the underlying confidence in the consumer area [as foreclosures rise and more home values fall below their mortgage levels].

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