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Strategies & Market Trends : World Outlook

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To: Don Green who started this subject	2/14/2003 3:07:02 PM
From: Don Green	of 50388

Greenspan says no housing market bubble in the US WASHINGTON (AFX) - Federal Reserve Board Chairman Alan Greenspan said he sees no evidence of a bubble developing in the US housing market despite strong gains in home prices. "It is our conclusion...that it is unlikely that we are confronting a housing bubble," Greenspan told the House Financial Services committee. "Certainly the analogy to stock market bubbles is inappropriate," Greenspan said. "Remember, one crucial thing is that if you sell your house, you have to move...and there is also very large transaction cost -- that in and of itself prevents the type of speculative housing demand which leads to bubbles and contractions," Greenspan said. He noted that the level of new constructions of homes and mobile home shipments is "barely in excess" of the level of household formation. "We are effectively not building up a glut of excess housing," Greenspan said. greg.robb@afxnews.com

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