There are only four major places to put your money. Stocks, bonds, real estate and savings. Stocks are in the toilet. Bonds have been generally dropping in quality and will get clobbered when interest rates go up. Savings rates are very low. Real Estate looks OK only due to low interest rates. Suprisingly, total savings in the US is rising - I suspect people/institutions are waiting the stock/bond market out. This is just my opinion, do your own due dilligance, past performance is no guarantee of future results.
Right now people qualify for much more home than they did when rates were 8%. As a result, if their job is safe, it's a good time to buy, especially when many people are willing to negotiate. We're looking at various real estate deals to put our money in where it used to be in the stock market.
If Greenspan REALLY believes that deflation is a problem, he needs to retire. There may be some price pressure in tech and other sectors, but to say there is deflation overall is crazy. Just go to the grocery store, visit the doctor, or shop for a house etc....It seems that every asset class experiences these bouts of inflation/deflation over time. Most of what Greenspan is talking about is nothing more than the last vestiges of the tech bubble bursting, but even there things are starting to improve. Right now there are hundreds of stocks making new 52 week highs and there are even signs of life in some of the old .coms.
Will they call it deflation when people who paid too much for their property try to sell and can't get the purchase price? There is a lot of plain old fashioned bad judgement in the residential market today, it can't last forever.