GARY SHILLING: Home Prices Will Plummet 20% From Here

"Despite growing consensus that it is now cheaper to buy a home than rent one, Gary Shilling, president of A. Gary Shilling & Co. says by previous standards home prices are still high relative to rents.

In his latest editorial in The Wall Street Journal, Shilling writes that while home prices have fallen 34 percent since their peak in early 2006, they are not cheap if prices continue to fall:

"But even if homeownership was cheaper than renting, as some claim, buying a house now would be a disastrous investment if prices fall another 20% or more."

at http://www.businessinsider.com/gary-shilling-home-prices-are-high-compared-to-rents-2012-5#ixzz1us2JBPMe