Fed Chief Sees Localized Bubbles

Attributing homeowner wealth largely to the upward run in home equity, Alan Greenspan admits to problems in some geographic areas, but not nationally. "Remember that there's a very significant buffer in home equities at this stage," he said, referring to the $9 trillion difference between home values and outstanding mortgage debt.Fed chief sees home price bubble - The Washington Times: Business - February 18, 2005

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