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Robert Shiller: Don’t Await Housing Boom

It's still too soon to call a bottom in housing, much less the start of a boom, Yale University economist Robert Shiller said Wednesday on CNBC.

"A lot of people seem to think that if the market turns around, that means more of the same, meaning another big boom," he said. "I don't think that's in the cards. We might see home prices go up a little bit, you know, a little bit above inflation, maybe. Not likely that we'll see a real boom."

Shiller, who also co-authors the widely followed S&P/Case-Shiller Home Price Index, pointed out that his survey of home buyers would need to show greater enthusiasm for the market before he changed his tune.

"We don't see that improving," he said. "I'd like to people getting optimistic again. Not that I expect to see this, but if you want to see another boom like that, people would to have to get excited and thinking that this is it. You know, I don't quite see it.

"It's not this gung-ho, go into housing."

As for calling a bottom in home prices, Shiller said that there might not be enough demand on the buyers' side to do so.

Prices, he said, would likely continue to rise in the near term.

"I'll predict that they'll continue to go for a few more months," but, he added, "people are interested in what home prices are going to do in years."

Trader disclosure: On Dec. 19, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in FDX; Jon Najarian is long call spreads in GDI; Jon Najarian is long call spreads in SINA; Jon Najarian is long call spreads in ANR; Jon Najarian is long call spreads in AMRN; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long PSX; Pete Najarian is long BX; Enis Taner is long GS; Enis Taner is long GOOG PUT BUTTERFLY; Enis Taner is short FDX Dec Puts; Enis Taner is long FDX Jan 13 Puts; Enis Taner is long SPY Puts; Josh Brown is long AAPL; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long SBUX.