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The changing psychology of homebuyers
Monday, February 25, 2008
Yale University economics professor Robert Shiller talks with the Bob O'Brien of Barron's about the changing psychology of homebuyers.
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4 comments:
Psychology's bad enough for RE all by itself; what'll happen when people fear for their jobs?
Psychology is one thing. Having people open their wallets and have moths fly out is quite another.
Looking solely at Shiller's own chart of inflation-adjusted home prices since 1890; every boom period since WWII has been followed by an (at least) equally long bust period. In the interview, Shiller notes that the current boom lasted 9 years (1996-2005). This comes straight from his chart. We are only in the 3rd year of the downside run.
If history is any guide, we won't see a bottom until at least 2013-2014!
I don;t know why Shiller didn't point this out in the interview.
How can anyone take him seriously, with that hair.
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