Wait a minute!!! He wrote this, FIVE YEARS ago!
“What you are seeing are signs of a market peak at the high end,” said Robert Shiller, an economics professor at Yale University. “First there’s a rise in inventory, and then prices fall.”
If you had taken his advice in June, 2003, you would have missed out on one of the greatest wealth-creation periods in this nation’s history.
In fact, Mr Shiller (Dr?) was right only one year (so far) out of ten in his predictions for lower home prices.
A meteorologist does better than that.
A seismologist does better than that.
A major league baseball player does better than that. (Most of them, at least.)
Why do people trust him more? Because he was finally right?
People have preconceived notions, then fit the facts to what they believe.
We’re all the same that way, right?
(Sorry for this post, I had to be a Realtor for a minute.)
Source: For Luxury Properties, It’s A Buyer’s Market – By Thomas Grillo, The Boston Globe