Robert Shiller was on CNBC today discussing the state of the housing market. Shiller says he is skeptical about the housing recovery and says many headwinds still remain. He says it’s still a risky market. Here’s more via CNBC:
Shiller — who has a closely watched housing market gauge bearing his name — is famous for his dire predictions about the health of the U.S. home sector prior to the 2008 crisis.
Highlighting differences that exist between states that are recovering and others still suffering from high foreclosure rates, Shiller told “Futures Now” that the housing market’s recovery was likely to remain plodding but incremental — with more mortgage defaults likely.
Persistently high unemployment and low growth in wages “are reasons to be skeptical about this recovery,” Shiller said. “People that haven’t resolved their economic situation yet and we have threats from abroad. I still think it’s a risky market.”
See the full interview here.