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Economist Eats Shoots & Leaves

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In a Times column over the weekend, economist Robert Shiller threw a bucket of cold water on all the analysts spotting "green shoots" in the real estate market, arguing that declines in home prices "may well continue for some time." Now, on his Matrix blog, appraiser-to-the-stars Jonathan Miller puts a local spin on Shiller's words: "We still have excess supply, which will likely take a number of years to be absorbed even after the economy begins to stabilize. His reference to the 1990-91 recession resonated with me. Once it ended, housing prices didn’t stabilize for another four years." [NYT; Matrix]