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More housing woes ahead?

Posted by Scott Van Voorhis January 25, 2013 11:13 AM

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"It's a good time to buy if nothing bad happens."

That's what Robert Shiller, the Yale economist and co-founder of the Case-Shiller index, told Bloomberg TV in an interview that should breathe new life into the housing bears out there. 

With the spring market around the corner, it's hardly a stirring call to go out and buy a house!

Shiller's out in Switzerland for the annual Davos confab, where the world's top economists are spinning out all sorts of fashionably gloomy predictions about the future.

Still, anything on the housing market coming from Shiller is well is worth listening to.

And Shiller contends our housing woes are not over yet - what we may be seeing now is simply a short breather.

"The housing market has been declining for something like six years now, it could go on, that's my worry," Shiller told Bloomberg Television's Tom Keene out in the Swiss resort town for the World Economic Forum. "The short-term indicators are up now, it definitely looks better, but we saw that in 2009."

Shiller points out that the housing market still anything but normal, with government playing a huge role in propping it up.

Here's another quote from the Bloomberg TV interview.

"It's a good housing market in the sense that mortgage rates are very low and prices have come down to normal levels, so yes, it's a good time to buy if nothing bad happens," Shiller said. "But it's also a very bad housing market in that most of the mortgages are being supported by the government, and we have the Fed and this buying program. It's a very abnormal market. There's a lot of uncertainty going forward."

What's your take? Do Shiller's words give you pause? Is the real estate recovery truly for real or just another blip on the screen?

This blog is not written or edited by or the Boston Globe.
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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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