The housing bulls are out in full-force these days after repeated smack-downs since the air was let out of the U.S. housing bubble (“housing’s coming back in 2007, no 2008, maybe 2009, make that 2010, 2011 anyone?”)
But one housing expert, who was out there in the mid-2000s warning anyone who would listen about the housing bubble and subsequent crash, isn’t sure residential real estate in the United States has bottomed-out just yet.
Yale University economist Robert Shiller talked to CNBC’s Scott Wapner on the TV show Fast Money earlier today. From their exchange on the “Halftime Report”:
WAPNER: You don’t think that housing is on the road to recovery?
SHILLER: I think it might be. There are a lot of positive indicators. But I think people tend to overreact to these. And if you look at the trend- which has been down since 2006- it’s a pretty strong trend that we have to see reversed. You know, maybe, you know, I might call it later this year that we’ve reached the bottom. But I’m not ready yet.
Dr. Shiller noted that there have been four attempts at a housing recovery since the subprime crisis.
“Shiller: ‘Not Ready Yet’ to Call Housing Bottom”
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