Former Federal Reserve Chairman Alan Greenspan said over the weekend that a decline in home prices could derail an already slowing economic recovery and send the U.S. into a double-dip recession.

Greenspan's comments, made on Sunday's edition of NBC's "Meet The Press," follow his successor Ben Bernanke's remarks last week before Congress that the economy remains "unusually uncertain," and that the Fed was readying itself to take new measures if the economy deteriorated further.

"I think we're in a pause in a recovery, a modest recovery," Greenspan said on Sunday's program. "But a pause in the modest recovery feels like quasi recession."