US housing gets worse

clipped from business.timesonline.co.uk Robert Shiller, Economics Professor at Yale University, told The Times: “People are so accustomed to rising house prices, they do not believe it when someone tells them it will come to an end . . . What we have may be the makings of an economic crisis. We may be at a unique point in world history, like 1929, but this time it would be the housing market. Prices are still going up in Canada and the UK, but the US may lead the way.” One of the main speakers at today’s annual central bankers’ symposium in Jackson Hole, Wyoming, will tell his audience that there may be an American housing crisis to match any in history – and that Britain and Canada are likely to follow suit.