Most of the negatives in housing are probably behind us. The fourth quarter should be reasonably good, certainly better than the third quarter.
There are early signs of stabilization... It's not over.
The evidence is that we're beginning to see a flattening in statistics for sales of new homes. The rate of construction is well below the rate of purchases. [The U.S. is] beginning to dig into the inventories of unsold new homes.
~ Alan Greenspan, former Federal Reserve Chairman, speaking at a conference sponsored by the Commercial Finance Association, October 26, 2006