The author’s view does not take into account the intangible benefits of homeownership that are equally important as economic issues. There is a sense of empowerment, community and achievement that people experience when owning their own home as opposed to renting. What do you think?

October 11, 2009
Economic View

A Bounce? Indeed. A Boom? Not Yet.

By ROBERT J. SHILLER

THE sudden rise in home prices suggests that the psychology of the market has shifted substantially. But what should we expect in the months ahead? Not necessarily that we’re entering a new housing boom. To a large extent, where we’re heading depends on what home buyers are thinking.

Some clues are found in the annual home-buyer surveys that Karl Case, the Wellesley economics professor, and I have run for years. For the surveys, we canvas recent home buyers in four cities — Los Angeles, San Francisco, Milwaukee and Boston; the surveys are now being conducted under the auspices of the Yale School of Management. We have just received the 2009 results, with responses from June and July.

http://www.nytimes.com/2009/10/11/business/economy/11view.html?ref=business&pagewanted=print