Shiller helped create the Case-Shiller Home Price Index.
That was Yale economist Robert Shiller talking about the current state of the housing market during an interview on Monday on CNBC Overtime.
Shiller, a researcher at the National Bureau of Economic Research, helped create the Case-Shiller Home Price Indices, which are leading trackers of the U.S. real-estate market. Home buyers are having difficulties for many reasons: low inventory, historically high prices and high mortgage rates. In fact, the New York Fed housing survey shows Americans expect mortgage rates to rise above 8% a year from now.
While home prices are high by historical standards, they are on the decline in recent months. Shiller’s index shows home prices fell for seven consecutive months between July 2022 to January 2023.
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