Wednesday, December 29, 2010
Housing guru Robert Shiller says the decline in October’s Case-Shiller house-price index was much worse than expected (over 10% annualized).
He also says that if house prices keep falling this fast, the economy will face “serious reasons to worry” (which, for Professor Shiller, is an apocalyptic statement).
6 of the 20 cities in the index have now hit new lows, below the lows reached in 2009 before the “recovery” in house prices.¬† In several cities, prices are back to where they were 10 years ago.
This article was posted: Wednesday, December 29, 2010 at 10:07 am