Did Alan Greenspan cause the housing bust?

Recently there have apparently been some comments that the current decline in housing prices is the result of the super-low interest rates that former Federal Reserve (Fed) chairman Alan Greenspan promoted during the early part of this decade. Greenspan defends his actions in this article in the London Financial times. In a nutshell, the question is why there are similar depreciating markets in other countries that were never regulated by Mr. Greenspan or the Federal Reserve.