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Net Net: Promoting innovation and managing change

Roubini: 'Housing Prices Can Only Move Down'

According to economist Nouriel Roubini, the housing market is in a double dip.

Nouriel Roubini
Photo: Oliver Quillia for CNBC

And negative Case-Shiller Home Price numbers out today only confirm that unpleasant truth.

"It's pretty clear the housing market has already double dipped," says Roubini. "And the rate of decline is stronger than in previous months," he said of the new housing data.

Aside from below trend economic growth, there are two factors specific to the housing market that are putting downward pressure on home prices.