Karl Case, whose name is practically immortalized as co-creator of the Case-Shiller Index, said in September that he thought the housing market may be near a bottom.
In a paper he presented at the Brookings Institution, the Wellesley emeritus professor of economics observed that nine of 20 metro areas had shown price improvement and the relationship between incomes and house prices was nearing a level that occurred at the end of previous housing downturns.
In the New York Times that same month, he wrote that “housing has perhaps never been a better bargain.”
That was September, you might note, so why take issue with him? One reason would be (more…)