By Bill McBride | Calculated Risk
Last Friday, Professor Robert Shiller wrote in the NY Times: The Housing Boom Is Already Gigantic. How Long Can It Last?
We are, once again, experiencing one of the greatest housing booms in United States history.
How long this will last and where it is heading next are impossible to know now.
But it is time to take notice: My data shows that this is the United States’ third biggest housing boom in the modern era.
First, it is important to note that Professor Shiller is discussing house prices, as opposed to housing activity (usually a “housing boom” would refer to new home sales and housing starts). This is not one of the “greatest housing booms” in terms of new home sales and housing starts – in fact, housing activity is still somewhat low historically.
More Shiller:
