And They Called it Shiller's Bubble

I bet that there are more economists that believe we are in the midst of a housing bubble than there are economists that believe otherwise. Once again, Robert Shiller gets his name in the paper talking about a housing bubble.

["Prices are likely to fall in places where they have been booming the most, and where people are having trouble affording the houses," said Yale University economist Robert Shiller, who has published a second edition of his book, Irrational Exuberance, which covers the housing market boom.

California and Florida lead that list, along with cities such as New York, Boston, Las Vegas and Phoenix.

"I think this is actually the biggest [real estate] bubble in U.S. history and possibly even world history," he said in a telephone interview yesterday.]