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Robert Shiller Discusses Housing Market Volatility

An interesting article by Robert Shiller, Yale Economics Professor and one of the creators of the Case-Shiller home price index, discusses the idea that perceptions as to land value is what has driven a lot of the housing market increases.  He argues that a growing global economy and increasingly transient population that values economic freedom versus the perceived land value will create a more volatile housing market.

What do you think about the issues raised in the article?