“Despite clear signs that housing is finally bottoming out, it’s too early to make the call if the sector has hit bottom and ready to turn the corner to better days ahead, says Robert Shiller, Yale economist and co-founder of the Case/Shiller Housing Index.
“What we did notice for the last four months is that prices have been falling, at the same time indicators are looking stronger — permits are up, the NAHB housing market index is up and in the economy, the confidence is up,” Shiller tells CNBC, referring to the National Association of Homebuilders/Wells Fargo Housing Market Index, which rose in January and in February and came in flat in March.
“There are signs that it could be a turnaround. I give it a chance that this could be a turning point but I’m not saying it is — I think it’s still too uncertain to call a turning point and it could continue to go down.”
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