From the wire:

Don’t Fear Falling Prices – By Lynn Adler, Reuters, by way of Realtor.org

Yale Professor Robert Shiller, whose Case-Shiller 20-city home price index has become an industry standard, says people shouldn’t fear gradually falling home prices …

“There’s nothing troubling about a gradual correction of home prices. If we keep our incomes at the current level and home prices go down we are richer, we can buy more housing,” Shiller says …

… “You either have high home prices or lower home prices. And lower home prices are what we want, and people shouldn’t be afraid of that … why would we want high home prices? We want economic growth, we don’t want high home prices.”

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