Bulls are beside themselves about the recent performance of the Case Shiller house-price index: Prices have risen for three straight months!
This happy (if short) string of data has given rise to the widespread belief that the housing bust is over, that buyers can safely return, that folks who want to sell their houses are smart to “rent for a year until the market has come back.”
Keep dreaming, says David Levy, of the Jerome Levy Forecasting Center. House prices have plenty further to fall.
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