Shiller predicts much longer housing slump
Reuters reports that Yale University economist Robert Shiller -- yes, that Shiller, the one involved in the S&P/Case-Shiller home price index -- expects the housing slump is still years away from ending.
"There is a probability of a continuing decline for a period of years, bringing prices in many cities down in the 10s of percent," Shiller said.He also had this thought to share:"The bottom is hard to predict," he said. "I do not see it imminent, and it could be five or 10 years, too."
"The housing situation that we got in is unique in history because there was an investor psychology that developed that was stronger than we have ever seen before," Shiller said. "We have seen housing bubbles many times in history, but they have been much more local than this one."
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