Expert: Forget about home prices going back up.

Today’s report showing month-to-month home resale values declining again in the Twin Cities and the country at large has led to a startling analysis by the guy that designed the monthly study.

“We don’t have any real story that could lead to another boom like we had earlier in the century,” said Robert Shiller, who co-founded the Case-Shiller survey.

In an interview with the Wall St. Journal today, Shiller sounded little but despair.

“Psychology matters,” he said. “I don’t know if home prices will go up anytime soon.”

On CNBC, another analyst said there “really are no bright spots” here.

  • Joe Busch

    It’s horribly selfish, but as someone who doesn’t yet own a home I can’t help but be happy when I hear these stories. The longer prices stagnate, the better deal I’m likely to get when it comes time to buy one.

    First-time homebuyers might be the only ones to benefit from any of this – until their parents run out of money and are forced to move in with them, of course.

  • jon

    Joe, that was how it was 3 years ago when I bought my house. Now I think it’s people who didn’t have the down payment 3 years go moving into the market and still buying property for about the same as what I paid for my house.

    I just did the math, my house is worth exactly what I paid for it (after inflation is taken into account market value of the house pulled from zillow) and I thought I bought at the bottom of the market collapse.

  • JOhn P

    Is this the same CNBC that was nothing but optimism right before the big crash? Perhaps it is the same experts who were urging us to buy a home in 2007, because interest rates were so low.