A shameless plug here that I participated in a 30-minute segment on the “state of the housing market” on NPR’s Talk of the Nation show yesterday, along with noted Yale economist Robert Shiller. Here’s a link to the audiocast, on the off-chance you weren’t glued to NPR all day Thursday.
At one point, I interjected and asked Shiller if he thought we were hurtling toward a depression. What prompted me to ask were comments Shiller had made in a separate interview recently where he was pretty bearish. On Talk of the Nation, Shiller seemed a little more hopeful that we can dig our way out this time — noting that after the Crash of 1929, the country had to wait three years for do-nothing Hoover to leave office and make way for FDR and his aggressive agenda to create jobs through public works programs. This time, we only have to wait another two months (though even that short delay could be enough time for GM and the other automakers to file bankruptcy first).
Photo credit: The National Post, which published an interview with Shiller in early October and which is recommended reading.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.