"Renting is very attractive right now," as he [Shiler] wrote in his New York Times article of March 5, 2010. "A suburban house 30 miles from downtown D.C. may not be a good investment." Americans have believed that property and home ownership were cornerstones of our democracy, but countries like Switzerland, where most households rent, have just as much patriotism and cohesion.
Asked if the market had discounted 7 million foreclosures in the pipeline and 5 million more coming as predicted by Laurie Goodman of Amherst Securities, Shiller responded, "That sounds very Efficient Market. Housing is very trendy and very inefficient...I don't think these things are discounted into home prices."
--- via ibid