Greenspan Says `Worst' May Be Past in U.S. Housing

Former Federal Reserve Chairman Alan Greenspan said the ``worst may well be over'' for the U.S. housing industry that's suffering its worst downturn in more than a decade. Greenspan pointed to a ``flattening out'' of weekly mortgage applications after they went down ``very dramatically.''

This sounds like good news, though many are curious what his estimate is based on. One thing that can't be argued, however, is that Greenspan has a lot of experience.