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Housing Market Crash?
ResumeNow Shiller's updated "Irrational Exuberance" to take aim at what he sees as a groaning bubble in the American real estate market. Get ready for a crash, he warns. Prices in red-hot markets like New York, Boston and San Diego could fall as much as 40 percent within the next few years, says Shiller. The only thing keeping prices so high is the expectation that they will go even higher, Shiller says, but there is a limit and we are there.
Hear a conversation with Shiller about the American real estate bubble and its future.
Guests:
Kathleen Madigan, business outlook editor for BusinessWeek, author of the cover story "After The Housing Boom: What the Coming Slowdown Means for the Economy — and You" in the current issue of the magazine.;
Robert Shiller, professor of economics at Yale University.;
John Quigley, director of the Berkeley Program on Housing and Urban Policy and professor of economics at UC Berkeley, also holds appointments at Berkeley's Goldman School of Public Policy and the Haas School of Business.
This program aired on April 7, 2005.