An ongoing plunge in US home prices represents an opportunity for patient house shoppers, famed Yale University economist Robert Shiller stated this week.
represents an opportunity for patient house shoppers, famed Yale University economist Robert Shiller stated this week.
As a result, prospective home buyers willing to postpone their plans by six months or so could secure a more affordable deal, according to Shiller, who co-developed the original methodology behind the closely watched S&P CoreLogic Case-Shiller national home price index. Surging mortgage rates have further crimped affordability in the US housing market following a massive run-up in prices during the COVID-19 pandemic.The rate is up by 2% compared to the same week one year ago.Robert Shiller is an economist at Yale University., declining by 0.2% compared to December, according to the latest S&P CoreLogic Case-Shiller national home price index released Tuesday.“That’s the capitalist system with a central bank,” Shiller told CNBC.
Shiller acknowledged there are other factors besides economic conditions that determine “the right time” for any buyer or seller to act, depending on their situation.“Home purchase is such a family decision, I’d hate to overreact,” Shiller added.
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