The One-on-One series continues with Yale Professor Robert Shiller. He predicted the current housing meltdown which is now five years old. If you think we are at the bottom, think again. When asked, “If the current housing crisis was a baseball game, what inning would it be?” Shiller replied, “Maybe we’re in the fourth.” Shiller recently said that home prices may not recover “in our lifetime.” He cited the Florida land boom in the 1920’s, where prices did not rebound for a “half century.” Shiller adds, “There are a lot of long term doubts about home prices right now.” If real estate does not recover “in our lifetime,” what about the banks still holding it? Shiller called that a “dark scenario.”
Shiller says, “A lot of people have the mistaken impression that we must be at a bottom.” He goes on to say real estate could go up in price but “There is also the risk of further substantial drops in home prices.” Please join Greg Hunter as he goes One-on-One with Robert Shiller.
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.