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Housing: "Permanently High Plateau" Calls

•, by Mike Mish Shedlock

Bloomberg reports the U.S. Housing Market Looks Headed for Its Worst Slowdown in Years.

The U.S. housing market -- particularly in cutthroat areas like Seattle, Silicon Valley and Austin, Texas -- appears to be headed for the broadest slowdown in years. Buyers are getting squeezed by rising mortgage rates and by prices climbing about twice as fast as incomes, and there's only so far they can stretch.

That was my position a week ago, well ahead of Bloomberg and others. Some are still unsure.

"This could be the very beginning of a turning point," said Robert Shiller, a Nobel Prize-winning economist who is famed for warning of the dot-com and housing bubbles, in an interview. He stressed that he isn't ready to make that call yet.

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