Top housing economist believes housing recovery is false, none of this is real

Top housing economist believes housing recovery is false, none of this is real. Bob Schiller, a Yale economist famous for helping create the Case-Schiller home price indices, is pessimistic about the US housing recovery. While home prices are up significantly (the Case-Schiller index has gone up by double digits over the past four months) Schiller doesn't think these gains are sustainable. The market is speculative and driven by irrational exuberance says Schiller. He's also concerned about the resurgence of house flipping. What's important for most homeowners is the long-term trend. It doesn't help most Americans that prices have gone up for a couple months. Will homes retain value for years down the road or are we looking at another bubble? (VIEW LINK)