Robert Shiller

"There's a big change in psychology and that's what they're reacting to," said Robert Shiller, an economics professor at Yale University, who cut out the ad and showed it to his students. The campaign is a true "sign of the times," he said.
Total existing-home sales, including single-family, townhouses, condominiums and co-ops, dipped 1.9 percent to a seasonally adjusted annual rate of 6.2 million units in September from a level of 6.3 million in August. They were 14 percent below the 7.2 million-unit pace in September 2005, the Realtors group said on Oct. 25.
Last month, the Realtors said the median price for a new U.S. home probably will dip 0.2 percent to $240,500 in 2006, the first decline in 15 years. In October, the Mortgage Bankers Association predicted U.S. new home sales will plunge 18 percent this year and mortgage giant Freddie Mac said declining sales will shave a full percentage point off economic growth in the second half of 2006.
"The market is much better than you might hear or read," National Association of Realtors President Thomas M. Stevens said in a statement on the organization's Web site. "Consumers should take advantage of this perfect alignment of low rates and extraordinary inventory."
One theme in the campaign is that the 3.8 million unsold homes offer "the greatest choices in decades." For sellers, that means it would take seven months to close deals on all the existing homes for sale if no others came on the market.
Another claim the ads make is that buying a home gives you a financial boost. "Homeownership is a safe, secure way to long-term wealth," the ads said.

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