Did Robert Shiller just call the bottom in the housing market? Well, sort of (via Business Insider):
“It could turn around,” Shiller told CNBC’s Brian Sullivan. “We’re seeing some good news now. Starts, permits, confidence, the NAHB housing index is strikingly up. It’s still low, but it’s up.”
CNBC’s Mandy Drury pursued the matter further: “Where is the endgame, Robert?”
“Well, in terms of housing, we might be at the end game,” Shiller responded. “Home prices are back to a normal level. They could just stay here, and that would be all right, right?
“Housing is very affordable, interest rates are down, prices are down to kind of a normal level. They haven’t overshot normal. So maybe in terms of housing, this it it. This is it.”
“Did you just say this may be the bottom?” asked Sullivan.
“It might be, yeah,” answered Shiller. “Things can turn quickly and sharply. It’s too soon to tell.”