Where’s the bottom? 20% lower, says Shilling

Economist Gary Shilling checks 26 trendlines from Case-Shiller, the National Association of Realtors, Core Logic, the Census Bureau, and more, and determines home prices have another 20% decline ahead of them. Meanwhile, Robert Shiller looks at his own report and tells the Wall Street Journal, “If home prices continue on this pace down, I think the economy has serious reasons to worry,” which is his calm and measured way of sounding really alarmed.