Home price expert Robert Shiller thinks the nation should not have been surprised by the recent “double-dip” in home values, but said he’s uncertain whether it is the start of a longer term slide in prices.
Shiller told attendees at a Standard & Poor’s housing conference in New York there has been “too much attention” on the double dip, noting that he had said for several months the market was on the verge of one.
He predicted there could be another dip in the S&P’s Case-Shiller 10-city index going forward, but also suggested that the market could turn up again in the summer months.
In terms of whether there is another definitive downtrend trend coming, Shiller said he considers the market at a “tipping point” and “not quite there yet.” Another month of data will make it clearer as to whether there are more recessionary pressures, he said.
During a question and answer session, when asked about future trends in home prices, he reiterated a past assertion that there could be another 10%-25% decline in real home prices over the next five years.
