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Alphonso Jackson on Budget & Economy

Secretary of H.U.D.


Housing bubble will not cause radical price drops

Q: I am considering buying my first home and am concerned with Alan Greenspan’s comment that the national housing market is “froth-like,” containing many small bubbles. My concern is that I will buy a house and then have the value of that house fall out from under me. Do you have any words of reassurance for me?

A: It’s no surprise that housing prices have increased so dramatically in some areas of the country. We’ve seen significant job growth over the past few years, and interest rates have remained historically low. Nonetheless, the rise in housing prices has been very regional in nature - mainly confined to major cities and coastal areas. In many markets, particularly in the Midwest and Southwest, people can still find homes with prices that haven’t risen so dramatically in the past few years. With that said, housing prices may continue to rise in the hottest markets. But when things settle, I suspect that prices will level off - they won’t suddenly and radically drop.

Source: Ask the White House--an online interactive forum , Jun 3, 2005

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