Inman Real Estate News - Greenspan uses F-word to describe real estate.
The Chairman used one key code word in reference to housing: "froth." Only once before in my lifetime has a Fed Chairman used the F-word with malice aforethought: Paul Volcker in 1979. Froth to a Fed Chairman is fire to Smokey. Much as the Chairman might like to stamp it out, he has no effective options. A year's worth of hikes in the overnight cost of money from 1 percent to 3 percent, more coming, and mortgage rates are lower now than when he started. If he jacks rates enough to cool the hot housing markets, he will freeze solid the ordinary majority, and the economy.
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