Perennial doomsayer Robert Shiller, a Yale University economist and one name behind the industry standard Case-Shiller index, had more gloomy news yesterday in an interview on Bloomberg Television, Business Insider reported.
Shiller told audiences that housing prices — which may not have reached the bottom yet, in his mind — may never climb back up to their pre-recession levels.
He called investing in housing a “fad,” and advised firmly against it. “Housing traditionally is not viewed as a great investment,” Shiller told Bloomberg reporter Trish Regan. “It takes maintenance, it depreciates, it goes out of style.” [Business Insider] –Guelda Voien