Now that home price growth has slowed for five straight months, there appears to be no question that the U.S. housing market is taking a turn according to last weeks Case Shiller report. Here are some notable quotes for the renowned economist Robert J. Shiller:
“This is a sign of weakness that we’re starting to see. And it reminds me of 2006 … Or 2005 maybe,”
“The housing market has a momentum problem,” said Shiller. “We’re seeing a clipping of momentum at this time. It’s hard to identify turning points even in the housing market. It has been going up linearly for six years now, that’s something that can’t continue.”
“If people start getting pessimistic about housing … pull back and don’t want to buy, then there will be a drop in construction jobs and that could be a seed for another recession,” he said. “We are overdue for another recession. These things come with regularity.”
