US Real Estate News: Case-Shiller Outlook Stable
Shiller, US home prices may rise, but no boom ahead
US home prices may rise over the coming months, but a boom or anything close to it is not on the horizon, said Yale economist Robert Shiller, architect of the Standard & Poor’s/Case-Shiller home price index.
Homebuilding permits hit their highest level in more than 4 yrs in November by rising 3.6%, though groundbreaking activity dropped 3% on the month.
Home prices themselves have shown signs of improvement during Y 2012, even surprising markets at times, though the housing sector doesn’t have enough buyers to fuel long-term improvement.
.“A lot of people seem to think if the market turns around, that means more of the same, meaning another big boom. I don’t think that’s in the cards,” Shiller said.
Home prices might beat inflation rates in the coming months, though the sector will not resemble its pre-downturn self.
“One thing that’s happening is people are moving more into renting. If you look at permits today, they are up for multifamily housing, not single-family housing,” Shiller said.
That means those hoping to see their single-family homes make significant gains in value may be hoping for a long time.
“You are going to have to ask, are people two or three years from now going to want to buy this house? I do not know. It is not obvious,” Shiller told the interviewer.
“We may still be stuck in a slow economy. There just might not be enough buyers to support home prices.”
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