“That said, there can be little doubt that exceptionally low interest rates on ten-year Treasury notes, and hence on home mortgages, have been a major factor in the recent surge of homebuilding and home turnover, and especially in the steep climb in home prices. Although a 'bubble' in home prices for the nation as a whole does not appear likely, there do appear to be, at a minimum, signs of froth in some local markets where home prices seem to have risen to unsustainable levels.”

— Alan Greenspan

Greenspan on June 9, 2005 http://www.federalreserve.gov/boarddocs/testimony/2005/200506092/default.htm. <br class="br">2000s

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Alan Greenspan51

13th Chairman of the Federal Reserve in the United States 1926

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