Shiller said he wasn't sure because that's circumspect bear speak. He didn't want to have an "I told you so" attitude of enjoying being vindicated.

In the end, Shiller also talked about Australia being a harbinger for what's to come for Real Estate in America. He was surprised that Australia slowed down then picked up again. I feel that Australia is very different from America because Autralia is small (only 20 million population, so smaller than California). Well-to-do Asians throughout the Pacific region have been buying up properties thus proping up the market.