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Shape of the Housing Recovery

There have been many signs of optimism on the housing front in recent weeks, with the Case-Shiller Home Price Index showing an unprecedented reversal from negative to positive growth in the summer months.

We'll also be getting a string of data on the home front this week, with housing starts and existing home sales for September due tomorrow and Friday respectively.

On Friday, "Closing Bell Access" got up close with Robert Shiller is Professor of Economics at Yale University and Chief Economist and Co-founder of MacroMarkets LLC. Shiller is also the other half behind the Case-Shiller U.S. Home Price Indices. (Watch video for full interview).

Maria Bartiromo asked if this uptick was a result of the first time home buyer credit. Shiller replied that he wasn't sure, given that "we're seeing other signs around the same time." Those signs include the record turnaround in the stock market and a major reversal of confidence.

And while many commentators may be concerned of another housing bubble forming. Shiller had this to say, "I look at the data and think it might be happening because it's such a sudden turnaround. But my instincts say no."

Shiller also said that when you look across the country, in cities like Las Vegas or Phoenix, that were the most overheated, these parts have yet to see a rebound.

Finally on the important question on mortgage rates and how much longer they can remain this low. Shiller ended by saying that "the Fed is still buying up mortgage… and they said they'll extend that into next year, but when that stops, if it does stop, that's when we might see a major change in the market."

Liza Tan contributed to this article.

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