Nouriel Roubini says it is now obvious that we’re in a housing double-dip.
Speaking to CNBC’s NetNet, Roubini noted that today’s terrible Case-Shiller data only confirmed what was already known about the declining house market. Further, the decline is now speeding up, according to Roubini, and it could get worse.
Roubini believes that the stop on foreclosures has prevented a large glut of properties from coming to market, but that the supply will eventually arrive. And with weakening demand simultaneously, we’re likely to see further price declines.
Note: Roubini isn’t likely negative on the whole housing market; he recently bought an apartment in the East Village.
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