robert shiller received a lot of buzz.e's what he had to say about home prices. >> in terms of housing, we might be at the end game. home prices are back to a normal level. they could just stay here. and that would be all right. right? housing is very affordable. interest rates are down, prices are down to kind of a normal level. they haven't overshot normal. maybe in terms of housing, this is it. this is it. >> so does our next guest agree, this is it? let's ask him. james camp, you had a chance to listen to professor shiller. sort of called the end game for housing, do you agree with him? >> i think we're in a bottoming process but i don't think the end game is upon us yet. the reason i say that, brian, is we still see three or four years in the visible housing space. we hf not really created a financing vehicle for residential housing post-2008. we've sort of let the general agencies limp along at the federal level. we obviously know that the financial system i think it is still strained, balance sheets are still under

hear a little bit -- not a boom optimism, but a little bit of optimism, i think, from pro feller robert shillerhigh gas prices, i'm sorry to rain on this homium -- >> the love effect that herb and cramer just had. >> robert, might high gas prices force people to stay in urban spaces, not move out of the city, and therefore in all likelihood rent more trap than perhaps buy? >> alan greenspan said, it's not a national market. there's all different areas. if gasoline prices go up, the suburbs will look less attractive, right? center city will look more attractive. and that's more naturally a rental market. so rental apartments might take precedence. are we building more of them. it's already starting to happen. >> robert shiller, thank you so much for joining us today. always appreciated. in the meantime, today -- >> want to bring your attention to deckers, hitting november 2010 lows. this is a classic example of momentum in reverse. one of my pals points out that this stock, people loved it. 40% higher. >> on a sunny, shiny day here in the northeast, beautiful day out there. today's sunshine stoc

the shillor there is robert shiller who we have on this pam. prices are down 33% from their peak in 2006. john king, looking at those housing numbers, we know that the jobs numbers have been looking better for the president in recent months. we know there has been 16 months of job growth. we've got an oil price, gas price thing which some say could derail our recovery. and we have this stubborn, strangely stubborn housing situation. tell me how that plays out for president obama, who was kind of hoping that he's going to get some momentum and go into the campaign saying, hey, things aren't that bad under me. >> ali, when you travel, the psychology of the housing market is fascinating. this was a big part of consumer confidence. this is a consumer-spending driven economy. people thought their home values were going up. they looked around the neighborhood and everybody's home voss were going up. that doesn't exist anymore. most states i visited the prices aren't better so people aren't feeling better about their personal nest egg. maybe it was a

yale professor of economics robert shiller offered his latest take on housing. listen to this. >> in terms of housing, we might be at the end game. home prices are back to a normal level. they could just stay here. and that would be all right, right? housing is very affordable. interest rates are down, prices are down to kind of a normal level. they haven't overshot normal. maybe in terms of housing, this is it. >> very interesting. let's get reaction to that comment and investor advice with john calamos. he's chairman and ceo and cio at calamos investments where he helps oversee more than $34 billion. good to see you. i know you were an air force pilot in a prior life, so you know about things that take off. one of the things that's taken off is apple stock over the past year. >> that's right. >> they've got a new product out today. is this stock still investable at these prices or is it too hot to touch? >> you know, we think so. we've been holding on to apple for many, many years. it's been a core holding of ours for many years. >> and good for you. >> you kn

robert shiller said earlier on street signs. >> home prices are back to a normal level. they could just stay here. and that would be all right. right? housing is very affordable. interest rates are down. prices are down to a normal level. they haven't overshot normal. so maybe in terms of housing, this is it. this is it. >> and jamie dimon said the same thing earlier in the year when we spoke with him in san francisco. said that housing may have bottomed. but we may very well bump along the bottom for a long time. where are the best opportunities in terms of buying opportunities in housing as we head into the spring selling? >> here's a fun fact for you. a growing number of homeowners are beginning to think that now is actually a good time to sell. when was the last time we heard that? yes. home prices are still falling, but that's largely due to the major share of distressed properties in the market. well over a third of the market. so if you're an investor or just a regular home buyer, where do you look for the best deals? phoenix. yeah, i said it. phoenix. prices ther

. >> and yale economic professor robert shiller making a powerful case for more breakthroughs in the pressing down on me, under pressure ♪ >> good morning, everybody. welcome back to "squawk box." let's get to your monday morning headlines. gasoline prices have jumped another 11.5 cents over the last two weeks. the latest survey puts the average price just under $3.93 a gallon, after a rise of more than 12 cents over the last two-week period. >> bats global coe is apologizing for his company's botched initial ipo on friday. it was terminated after a serious failure. and it was blockbuster box office numbers for "the hunger games." it took in $155 million in ticket sales. we've been watching the futures this morning and keep in mind it is the last week of the quarter. right now you see those dow futures are indicated to open up by about 60 points. we're going to keep an eye on this as we go through the morning. joe, back over to you. >> i almost saw that, beck. i had a ticket yesterday. >> why didn't you go? >> because, i don't know, a couple of ncaa games on. >> because you were doin

robert shiller, an economist who is well-known for his work on bubbles, including the housing bubble, argued that the housing bubble began in 1998 which of course is well before the 2001 recession and before the, before the cut in federal reserve interest rates. moreover, house prices rose very sharply after the tightening began in 2004. so the timing doesn't line up particularly well. now what the timing does suggest might be a couple of other possible explanations. one is, obviously '98 was right in the middle of the tech bubble, the tech boom and it could be that again the same psychological optimism, the same mentality that was feet -- feeding stock prices may have been feeding house prices as well. another possibility is that has been pointed out by a number of economists is that in the late '90s there was a very serious financial crisis called the asian financial crisis that hit a number of asian countries and other emerging market economies as well. after that crisis was tamed, one response was that many countries, emerging market countries, began to accumulate large amounts of