Gary Shilling says you should have sold your house "yesterday" because prices still have a long way to fall.
In his latest investment letter, Shilling wrote (via Pragmatic Capitalist), "Sell your house, second home or investment single-family houses yesterday, if you plan to do so any time soon (unfavorable) Excess inventories are likely to push prices down another 20%."
It's one of Shilling's 11 investment themes, which also include the strength of rental properties in the current market. He also thinks homebuilders will continue to be a wreck.
Shilling has been bearish on housing for sometime, and stood firm on that 20% drop. He believes it's one of the factors that could derail the current recovery.
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