BusinessWeek Housing meltdown. 25% or more ahead!!!
we should not promote bad credit. however drop in interest rate from 18% in 1991 to 5.76% today in effect drops the payment; hence housing dont have to drop 25% to be affordabel as Mr Schiller is predicting (Trying to get some fame, I guess)
Trying to gain fame? That's why they chose him to create a traded index on housing futures I suppose? (I'm guessing you like to use NAR numbers with cancellations ignored, and incentives unaccounted for) Sounds accurate to me.
It's a matter of affordability. House price to rents, house price to median salary, choose your metric, they are all out of whack.
Reversion to the Mean - look it up - you're about to see it in action.