The worst of the housing market may be over according to Greenspan

The first article, Scottsdale reaches critical mass for growth, from the East Valley Tribune, reports that four new Scottsdale projects were previewed at a Scottsdale open house event last week. These projects will cover thousands of acres and cost a couple billion dollars. The projects include One Scottsdale, Silverstone, The Senior Living Community at the Fairmont Scottsdale Princess Resort and the final phase of DC Ranch. These four developments not only add to the residential housing stock, but provide pockets of commercial use instead of strips through the community. "I think if there was any kind of general observation you can make, it's with the growth of residential, you need commercial services," said Robin Meinhart, Scottsdale planning department spokeswoman. "It's basically some of the last vacant parcels in Scottsdale and they were identified to support the residential in the area," she added. The most ambitious project is the One Scottsdale complex, a 120-acre commercial, retail and office space, 400 resort and hotel rooms, and 1,100 residential units that DMB is building. Silverstone is a 60-acre development at the former Rawhide site that will have 976 homes.

http://www.eastvalleytribune.com/index.php?sty=76115

The second article, Greenspan: Housing market worst may be over, from MSNBC.com, reports that former Fed Chairman Alan Greenspan said the the U.S. housing market appears to be emerging from its recent travails and the "worst may well be over." " I suspect that we are coming to the end of the downtrend, as applications for new mortgages, the most important series, have flattened out," he said. "There is a good chance of coming out of this in good shape, but average housing prices are likely to be down this year relative to 2005. I don't know, but I think the worst of this may well be over," he added. Greenspan made his comments at the BMO Financial Group event in Calgary, Canada.

http://www.msnbc.msn.com/id/15198805/