Robert Shiller, a world famous economist, makes several interesting points that I agree with during an interview with the Wall Street Journal. Robert Shiller and I share a similar pessimistic view about the current market for real estate in this country since we both expect property values to decrease even further. Although the market showed signs of improvement for roughly a year and a half when the homebuyer tax credit went into effect, things have changed over the last few months. Property values, in addition to the number of homes sold per month, have once again started to decrease. A great deal of uncertainty exists. During the interview, Shiller states that he thinks the market for real estate will experience another serious downturn in the near future. This makes a lot of sense since most markets cannot recover in just eighteen months.
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| Robert Shiller |
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