In the wake of the biggest housing bust ever, it’s hard to imagine that we would be walking right back into a housing bubble.
But that’s just the nature of bubbles: you don’t know if you’re in one until after the fact.
“I think it’s possible this is the bottom, but I’m not at all confident,” said Shiller regarding the housing market.
“The real question in my mind is, ‘Are we possibly off to the races again?’” he said. “I think in cities like Phoenix and San Francisco, we might be seeing something pretty big developing. People there are very speculative-minded.”
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