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Robert Shiller, , discusses today’s report and the outlook for the U.S. housing market. The index of home values in 20 cities fell 2.4 percent in the 12 months to December, the biggest year-over-year decrease since December 2009, the group said today. The median forecast of economists surveyed by Bloomberg News projected a 2.3 percent decline. Shiller talks with Tom Keene on Bloomberg Television’s “Surveillance Midday.”

Shiller is one of the only real economists today in my opinion, and successfully predicted by the tech and housing bubble.

Here first is a brief bio about Robert Shiller from Yale’s Website:. I use the term brief very loosely since Shiller has such an impressive resume.

Robert J. Shiller is the Arthur M. Okun Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management. He received his B.A. from the University of Michigan in 1967 and his Ph.D. in economics from the Massachusetts Institute of Technology in 1972.

His book Irrational Exuberance, is an analysis and explication of speculative bubbles, with special reference to the stock market and real estate. His book The New Financial Order: Risk in the 21st Century is an analysis of an expanding role of finance, insurance, and public finance in our future. His book The Subprime Solution: How Today’s Global Financial Crisis Happened, and What to Do about It, published in September 2008 by Princeton University Press, offers an analysis of the housing and economic crisis and a plan of action against it.He co-authored, with George A. Akerlof, Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism published in March 2009 by Princeton University Press.

His repeat-sales home price indices, developed originally with Karl E. Case, are now published as the Standard & Poor’s/Case Shiller Home Price Indices. The Chicago Mercantile Exchange now maintains futures markets based on these indices.

He has been research associate, National Bureau of Economic Research since 1980, and has been co-organizer of NBER workshops: on behavioral finance with Richard Thaler since 1991, and on macroeconomics and individual decision making (behavioral macroeconomics) with George Akerlof since 1994.

Listen below to his frightening forecasts: