Robert Shiller on housing: Don't trust momentum

The man responsible for the Case/Schiller index gives his analysis of the real estate market. 

  A striking surge in home prices this fall was not enough to convince one of the nation's top housing economists that the recovery is on solid ground.
"We can't trust momentum in the housing market anymore," Nobel Prize-winning economist Robert Shiller said on CNBC's "Squawk Box."
Why not? Investors, specifically institutional investors, have vast sums of cash. They have bought about 100,000 homes, most of them previously foreclosed properties. They bought the homes in a limited number of markets, mostly in the West, pushing prices dramatically higher as competition for the properties increased. They are now renting them, and even selling bonds backed by the rental streams.

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