While bubbles may be identifiable in progress, bubbles can be definitively measured only in hindsight after a market correction,[27] which in the U.S. housing market began in 2005–2006.[28][29][30][31][32][33] Former U.S. Federal Reserve Board Chairman Alan Greenspan said "We had a bubble in housing",[34][35] and also said in the wake of the subprime mortgage and credit crisis in 2007, "I really didn't get it until very late in 2005 and 2006.The mortgage and credit crisis was caused by the inability of a large number of home owners to pay their mortgages as their low introductory-rate mortgages reverted to regular interest rates. Freddie Mac CEO Richard Syron concluded, "We had a bubble",[37] and concurred with Yale economist Robert Shiller's warning that home prices appear overvalued and that the correction could last years, with trillions of dollars of home value being lost.[37] Greenspan warned of "large double digit declines" in home values "larger than most people expect.
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