Shiller uncertain about future of real estate

Robert Shiller, the Yale University economist and co-founder of the S&P/Case-Shiller home-price index, is uncertain about the future of residential and commercial real estate nationwide, he told CNBC. “There’s a self-reinforcing sentiment among commercial owners that they can’t get refinancing on their loans because their property is decreasing in value,” Shiller said. “I’m worried about the commercial sector.” Shiller expressed uncertainty for the residential market as well. “Although some people say this is the time to buy, the residential sector will more than likely go down,” he said.