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Maybe no housing rebound for a generation: Shiller
NEW YORK |
NEW YORK (Reuters) - The Housing market is likely to remain weak and may take a generation or more to rebound, Yale economics professor Robert Shiller told Reuters Insider on Tuesday.
Shiller, the co-creator of the Standard & Poor's/Case-Shiller home price index, said a weak labor market, high gas prices and a general sense of unease among consumers was outweighing low mortgage rates and would likely keep a lid on prices for the foreseeable future.
"I worry that we might not see a really major turnaround in our lifetimes," Shiller said.
The S&P/Case-Shiller composite index of 20 metropolitan areas gained 0.2 percent in February on a seasonally adjusted basis, the first uptick in prices in 10 months.
But Shiller called it "a very mixed bag." Nine of the 20 cities recorded falling or flat prices on the month.
He said suburban areas in particular might endure further price declines as high gas prices increase demand for "walkable cities."
(Reporting by Steven C. Johnson; Editing by James Dalgleish)
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Many have lost their savings and credit lines purchasing and maintaining and improving their homes, and then the banks have forced them out illegally, and then the steal their homes and then the government gives the banks more money on top of all that, to further insult Americans and steal from them.
WTF? Where’s The Future? You are right, no improvement in sight.
Thank you Reuter’s for sharing this as the facts are, and not spinning the lies most do. You have stated who this expert is and what his opinion is. You have not made people believe foolish idiot statements like Obama makes telling the world “Republicans want you to have dirtier air, dirtier water, less people with health insurance” etc.
Is Shiller merely saying ‘no more bubbles’ for a very long while? The New York Times here
http://www.nytimes.com/imagepages/2006/08/26/weekinreview/27leon_graph2.html
wrote:
“Two gains in recent decades were followed by returns to levels consistent since the late 1950s.”
Following the 2006 price peak, we are again down close to “levels consistent since the late 1950s.”. See:
http://homepage.mac.com/ttsmyf/RHandRD.html
How about: “No more bubbles is what we want!”.
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