Decline in home prices is good for buyers, but not the economy: Shiller

Yale economist and home price index guru Robert Shiller spoke to Bloomberg Television about the decline in home prices in October. The index fell 0.8 percent from October 2009, the biggest year-over-year decline since December 2009. “It’s good news for people who want to buy a home, but not good news for the economy,” Shiller said in the video above. Shiller said it was “not clear” yet if the economy was experiencing a double dip. “Home prices tend to have a lot of momentum and go in the same direction for years,” he noted. “It’s too soon to call.”