Robert Shiller As Cassandra Redux
Filed in archive Housing by andy on June 24, 2005

I've kept quiet on housing of late because, frankly, I got tired beating that drum. How much anecdotal evidence of a mania can one really stomach without becoming tone deaf? But I'm ready to dig in again.
From the guy who brought us Irrational Exuberance (released a week before Nasdaq's peak) comes an updated edition of the same title that includes extensive coverage of the real estate market.
In this Barron's article (link is to a PDF) Shiller walks through his version of the real estate market over the next decade. If you're squeezing into a McMansion with an I/O mortgage financing 100+% of the purchase price you may want to look away 'cause it ain't perty. Whether Shiller is preaching to the choir, or you just want to laugh at those darn bears
, the article is worth a read.Does the guy want to sell a few books? Sure, but I don't think that's why he's advancing this line of thinking. And remember, they all thought Cassandra was lying too.
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Mr Wong
