There are three authors, and two of them are professors at Witchita State. I can see why they don’t think the national averages (which are meaningless anyway) will decline by more than a couple percent.
They’re whining about Shiller counting an $800,000 home more heavily than the $100,000 homes. Well, bubba, when the $800k home loses 3% of it’s value that equals out to 24$ of the value of the $100,000 home, so yeah, it does have a bigger effect on our economy as a whole.
How much you wanna bet all 3 of these guys have side businesses performing “consulting” services?