Thursday, Jan. 3, 2008 Last week I was interviewed, together with the housing expert Robert Shiller, a Yale professor, on CNBC's Larry Kudlow show.
Shiller showed how home prices in 10 major metropolitan areas were down by 6.7 percent, year-on-year, in October (more than experts' estimates and down by 1.4 percent compared to September).
The shrill cries of Wall Street "cheerleaders" floundered to a whimper as they tried vainly to degrade Shiller's findings and show evidence against a real estate collapse that is becoming increasingly obvious.
Contrary to the claims of the "cheerleaders," the broader index of 20 metropolitan areas was just as bad, with a fall of 6.1 percent.
Professor Shiller also commented ominously that, "to see as bad a fall as this, you would have to go back to 1940!" more...
http://moneynews.newsmax.com/money/archives/articles/2008/1/3/142344.cfm?s=al&promo_code=424E-1
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