Wednesday, April 23, 2008

A DEPRESSING VIEW - Globe and Mail, April 23

Yale University economist Robert Shiller, pioneer of the widely watched Standard & Poor's/Case-Shiller home price index, said there's a good chance housing prices will fall further than the 30-per-cent drop in the historic depression of the Thirties. Home prices already have dropped 15 per cent since their peak in 2006, he said.

"I think there is a scenario that they could be down substantially more," Mr. Shiller said during a speech at the New Haven Lawn Club.

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