I missed this interview a couple of weeks ago with Robert Shiller the creator of the Case-Shiller Housing Index that is closely watched each month.
This is an interesting interview with Fortune Magazine. One of the things he is contemplating is Americans’ changing attitude toward housing. While many still see their home as a potential investment vehicle he believes that may be changing. He also asks why does the Federal Government, via Fannie Mae and Freddie Mac, continue to subsidize McMansions by their purchasing of mortgages in the secondary market?
He does mention that he thinks we’re near the bottom, but there is a chance for another leg down in pricing depending upon activity this summer. I don’t know that he knows any more than anyone else as far as the direction of housing, but it’s interesting to read his perspective given his clout in the research world for housing.