Okay, okay, these guys have been wrong in the past but since they agree with me this time, I think they’re brilliant.
Robert Shiller, MacroMarkets co-founder and chief economist observed, “Although the June survey reveals that overall, expectations have reached their lowest levels since this panel was assembled over one year ago, if one looks carefully it is apparent that a significant majority of our panelists believe that the bottom for home prices arrived in the first quarter or will arrive sometime before year-end. Despite persistent macroeconomic uncertainty and unprecedented housing market dysfunction, almost two-thirds of the panelists see the U.S. residential real estate market as at an historic turning point.”