"The worst of this may well be over"

I just came across this recent comment made by Alan Greenspan, (former chairman of the Federal Reserve), in a recent speech on October 9, 2006:

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.

You can read more about his speech here. The article also points out the slight differences in opinion between Greenspan and the new chairman, Ben Bernanke, who said that the market is still undergoing “substantial correction.”