Don't pay any attention to the mainstream media baloney about a housing recovery--
Shiller Data Questions Housing Revival Power: Cutting Research - Bloomberg: "The upshot for Shiller and his colleagues is that while “a recovery may be plausible, and home prices have been rising fairly strongly in recent months, we do not see any unambiguous indication in our expectations data of sharp upward turning point in demand for housing that some observers, and media accounts, have suggested.” Shiller’s views carry weight: He forecast the end of the Internet bubble in his 2000 book “Irrational Exuberance.” He said in a second edition in 2005 that the U.S. housing market had undergone the biggest speculative boom in U.S. history. The Arthur M. Okun professor at Yale, he’s based in New Haven, Connecticut, while Case is professor emeritus at Wellesley College in Massachusetts. Thompson is an economist at McGraw-Hill Construction in Boston."
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