Robert Shiller joined Fox Business today to discuss the housing market and his outlook. The man who predicted the housing bubble says the momentum on the downside is likely not over:
“We had home prices going up for almost a decade….Home prices show a lot of momentum. They’re not like the stock market. The real question is do we still have downward momentum? There’s a lot of positive signs but a skeptic who believes in momentum says it’s been going on now for six years and I am a little bit of a skeptic, might well say it’s going to keep going down. After the seasonal blip is over, it may not be over.”
And the main hurdle going forward? Shiller says the biggest problem for housing is the fact that people just can’t get mortgages with the tightening credit standards and the multitude of economic headwinds facing the consumer.
See the full interview here:
Source: Fox Business