Robert Shiller Says Housing May Have Bottomed
Earlier on CNBC, Robert Shiller (of the Case-Shiller home price index) stated that housing may have bottomed.
He was cautious in his comments, noting that it was "too early to tell." However, he did say that leading indicators appeared to show the beginnings of a recovery. Specifically, he cited the NAHB index and rising confidence.
Shiller stated that, even if housing had bottomed, prices could languish for another 20 years. Shiller said that the housing market is not a national market and that some areas could recover while other areas remain weak.
Shiller said money could flow into other forms of construction like infrastructure spending or apartment buildings. Shiller noted that higher gasoline prices would make city-center apartments more attractive compared to suburban homes.
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