“Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.”

May 2005 http://www.nytimes.com/2005/05/21/business/21fed.html?_r=1&oref=slogin, Greenspan said in a speech that he did not believe there was a national housing bubble similar to the bubble in the stock market. But he said there was "froth" in housing and he called the pace of housing price increases unsustainable.
2000s

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Alan Greenspan 51
13th Chairman of the Federal Reserve in the United States 1926

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