You may have missed the absolute bottom, but for a lot of people, 7 percent still looks great.

People should get out and enjoy this beautiful weather today.

We expect to see a modest rise in delinquencies in the quarters ahead.

The historical low delinquency rate was 3.9 percent in the late 1970s, while the historical high for delinquencies was 6.07 percent [in 1985]. Right now it's right in the middle between the all-time low and the all-time high, and we're just coming out of a recession.

The increase of delinquencies is not surprising. We have been expecting an up-tick in delinquencies due to a number of factors.

After discussing all the risks, Greenspan summed up by saying the share of households who are very highly leveraged is lower than expected and is not correlated closely with high home price states, other than California.