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What's the Opposite of Exuberance?

“No signs of a turnaround,” says Robert J. “Irrational Exuberance” Shiller in announcing the May results for his national home price survey. The S&P/Case-Shiller 10-City Index showed an annual decline 3.4%, the worst since the summer of 1991. The results mark the 18th consecutive month of declines in home price appreciation. Chicago became the 15th of the nation’s twenty largest cities to show a decline, falling .6% in the past year. Detroit was the worst, with prices sliding 11%. The brightest spot: Seattle, where homes were up 9.1% year-over-year.

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