Worst of the housing market slump is likely past says Alan Greenspan

The current downturn in the economy is

November 7, 2006 – In a question and answer session at the annual Charles Schwab Impact conference in Washington on November 6th, Alan Greenspan, former Federal Reserve Chairman said "The economy is obviously going through a significant slowing period, which as best I can tell is more than likely temporary."

While the housing market is not out of the woods yet, the current slump may not worsen, said Greenspan. He also indicated that he expected ARM adjustments to cause some individuals problems, but they were "very unlikely to have a macro-economic effect."