…at least not quite yet. CNBC interviews Robert Shiller of the Case Shiller Index, one of the foremost experts in the housing market.
He does express acknowledgment that their are very positive signs in the housing market. It is too soon for him to call it, he would like to see at least a year of positive price increases before calling bottom according to his statements in the interview.
the seasonal has gotten stronger. it’s been growing, so nobody knows why. and during the summer season, the question is, will this continue through the fall and winter? we’ll wait and see. if that happens, then, you know, i believe in momentum in the housing market. and we are starting — it looks like upward momentum, but i think it’s too soon to call.
Robert Shiller from CNBC interview
He raises a good point on momentum in the housing market, so far these positive signs may be just another false start.
What struck me is his comment “nobody knows why“. I am assuming he is referring to the job market, where is this demand coming from? Is this all driven by artificially low interest rates?