Sluggish home prices and sales signal a sluggish home market in general, says Nobel laureate economist Robert Shiller of Yale University.
The S&P/Case-Shiller index of home prices in 20 metropolitan areas slipped a seasonally-adjusted 0.3 percent in May from April. And the index rose 9.3 percent in the 12 months through May, the slowest pace since February 2013.
"The way these markets go, that [0.3 percent] dip could be a turning point," Shiller told CNBC.
Given recent declines in new and pending home sales, "there's some clear evidence of a weakening," he said.
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2 comments:
The "big boom" was all bankster price manipulation. Talk to some honest realtors down south and they'll tell you.
Psychology 101.It's all in our minds.No recovery can be complete until we believe it's complete.If we graciously accept gloom and doom that's exactly what we'll get.We need to move forward and put this nonsense behind us.
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