Industry News

Fed chief says housing boom near the end

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The nation's frenzied housing boom and the consumer spending it has spurred are near an end, Federal Reserve Chair Alan Greenspan said Saturday, according to media reports.   Speaking at a Fed symposium in Jackson Hole, Wyo., on Saturday, Greenspan said both the excesses of the housing market and the nation's unprecedented dependence on foreign borrowing were likely to correct themselves through the normal function of market forces, the New York Times reported.   Greenspan, who is soon stepping down as chairman of the Federal Reserve, was reflecting about his long tenure in the position. His reflections were mostly positive, according to the Times.   He also acknowledged more strongly than before that the housing boom, which has been fueled in large part by the Fed's own decision to prop up the economy with low interest rates, is closely tied to the nation's soaring trade deficit and its record level of foreign indebtedness, reports said.   Greenspan also seemed in...