Robert Shiller called the tech-stock crash just as the Nasdaq peaked. But he is also the expert on the real estate market. And where does he think it’s headed now? Uh-oh.
Nice, it makes sense. I just wonder when the real changes will start. It is such a slow process. He did say possible declines for 10 years, so it shows he is not forcasting doom and gloom. I just want to see more results. Stuff like this on big sites is a good thing for the whole scenario. The more media coverage this thing gets the more people will be wary of housing.
I work with a fellow that swore to me that I should be getting an interest only loan and getting in before I’m priced out forever. He recently sent me an email calling me a jerk (jokingly) because he is starting to see the decline I was talking about and he called me “foolish” about earlier. I’ve talked to other people and everyone is nervous now, before you would talk about it and I would bite my tongue because I didn’t want to be the dumb one in the group because I thought prices could actually go down in California. Now everyone talks about how pricing is going to drop. The more coverage the happier I am!
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