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Robert Shiller says U.S. housing market could stay at bottom for 20 years: VIDEO


Robert Shiller, professor of economics at Yale University and the co-founder of the Case-Shiller Home Price Index, told CNBC, in the video above, that while the housing market may have hit bottom, it also might stay there for awhile.

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“We might be at the endgame,” Shiller told CNBC’s Brian Sullivan, who tries to frame Shiller’s sentiment positively, saying his statements provide “a little optimism, I think.” But the professor is notably reluctant to rejoice. The housing market “could turn around; I just don’t see any scientific way to be assured [that it will],” he said.

Shiller did say that some leading indicators, such as permits and the National Association of Home Builders’ traffic index, which measures potential homebuyer interest, are up. But he also said it could be another 20 years before another “boom,” and that the market could easily stagnate until then. “Prices are down to a normal level,” he said. “There is no reason why we have to have another boom.”

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