Shiller: U.S. Housing Market Could Be Facing Another Bubble

Although the most recent Case-Shiller report showed that US home prices posted their first monthly increase in almost three years, the sector — and the economy — are still a long way from recovery, Yale economist Robert Shiller said on CNBC.

Of the recent uptick in housing data, he said,"It's hard to know how much to extrapolate these little wiggles"

He's really Double Dip (and worse), "That's what I worry could happen," Shiller said. "We'll have a recovery and it will be exceptionally weak for years to come."

Of course, as Schiller clearly understands, long-term forecasts are impossible under current erratic Bernanke money manipulated conditions. Right now, Bernanke has money tight. Will that last long-term? Doubtful. The economy and stock market will crack soon, at which time Bernanke is likely to open the money spigots, again. At that time, the housing downturn could reverse itself, again.

Here's the Schiller CNBC appearance. He leans too much on "confidence", and doesn't focus at all on Fed money manipulation, but it is clear he knows the housing data and also studies history. So there's stuff to pay attention to when Schiller talks: