Robert Shiller, an economics professor at Yale University and chief economist at MacroMarkets LLC, and Stan Humphries, chief economist at Zillow Inc., talk about the outlook for the U.S. housing market. Sales of existing homes plummeted 27.2 percent to a 3.83 million annual rate, the National Association of Realtors said. Shiller and Humphries speak with Matt Miller on Bloomberg Television's "Street Smart."
Shiller considers the month’s number “anomalous” because July is the month after the original expiration of home buying credit. He advises investor not over-react on the number. Citing the survey conducted by his firm, he stated that the consensus is for the housing price to stay flat for the rest of the year and the then start to move up a few percents each year.
Humphries reads more into the July data and thinks it indicates that the house value has further to decline, giving the large amount of inventory on the market.
(Source: Bloomberg)
Shiller considers the month’s number “anomalous” because July is the month after the original expiration of home buying credit. He advises investor not over-react on the number. Citing the survey conducted by his firm, he stated that the consensus is for the housing price to stay flat for the rest of the year and the then start to move up a few percents each year.
Humphries reads more into the July data and thinks it indicates that the house value has further to decline, giving the large amount of inventory on the market.
(Source: Bloomberg)
