Posted AT 9:19 PM EST on 24/01/08
Greenspan on the defensive
VANCOUVER — The biggest barrier to stabilizing the chaotic U.S. housing market is the oversupply of homes that cash-strapped builders are flogging at rock-bottom prices, former Federal Reserve chairman Alan Greenspan says.
“If there were some kind of alchemy whereby we could pick up all these 300,000 units, that would stabilize the markets,” Mr. Greenspan told a Vancouver audience on Thursday.
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