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Monday, August 2, 2010

Home Price Drop May Trigger Second Recession

Daily Real Estate News, August 2, 2010

Economic recovery could be choked by a drop in home prices, according to former Federal Reserve head Alan Greenspan.

On the Aug.1 edition of NBC's "Meet the Press," the economist warned that falling residential values could send the country into a double-dip recession. His successor at the Fed, Ben Bernanke, told Congress last week that the economy remains "unusually uncertain" and that the central bank was prepared to act if the economy loses momentum.

Source: National Mortgage Professional, Andrew T. Berman (08/02/10)
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