Wall Street Interview

2010-01-07

In a Wall Street interview recently read by the staff at Abal Auction.com, Robert Shiller, Yale economist and co-founder of Case Shiller housing report indicated that while everything may turn out okay in the end a "double dip" housing downturn is at least a possibility as he looks into 2010.  Although double dips are rare in history Shiller told the Wall Street Journal that he worries this time. His comments came after his latest Case Shiller report showed a significant slowing in what seemed like a modest housing recovery over the summer. His concerns include a 5 to 10 percent drop in prices in the Spring selling season is not out of the question. The main concern is a huge shadow inventory of foreclosed homes that banks and investors are likely to drop on the market, a stubbornly high unemployment rate, and plans by the federal government to start pulling back some of the support for the housing market. ...read more Abal Auction Real Estate News/Press Releases