Robert Shiller says the decline in October’s Case-Shiller house-price index was much worse than expected.

He also says that if house prices keep falling this fast, the economy will have “serious reasons to worry.” Shiller expects the panicked Congress will issue another home-buyer tax credit to stop the fall of real estate prices. As Shiller says: “When the ship is sinking this fast you do what you have to do.”

Robert Shiller housing interview with the Wall Street Journal below:

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