In an off-hand remark before cameras and microphones, economist and housing market guru Robert Shiller opined earlier this year that he would not be shocked if there was another 10% to 25% in the nation’s home price plunge — and he’s not backing down from that statement.
At a S&P Housing Summit in New York, Shiller on Thursday reiterated his fears of falling home prices. It’s not a forecast, he said, just a comment on his understanding of housing market trends.
The U.S. housing market is hard to predict because the boom and bust it went through was unique. Shiller has studied historical price data back to the 1890s and found nothing like it.