Greenspan says the U.S. housing market will recover -- soon!!

I'm beginning to feel signs of a recovery in the market. Things have been slow, but I've got people looking for houses in the St. Louis area. Moreover, Nolting Real Estate's listings are selling. Former Federal Reserve chairman Alan Greenspan said the U.S. housing market will begin to recover in the first half of 2009, according to an article he wrote for Emerging Markets magazine published on Friday.

The rate of decline in U.S. home prices is the first positive note in the year-long trauma and that eventually, frozen credit markets will thaw "as frightened investors take tentative steps toward reengagement with risk."

"More conclusive signs of pending home price stability are likely to become visible in the first half of 2009," he wrote. In yesterday's post, I noted that pending home sales are up.

There is a light at the end of the tunnel.