Robert Shiller: Market Slightly Overvalued, Housing Risks Double Dip

Yale Professor Robert Shiller gave his outlook on the economy yesterday. He said the
"depression scare is kinda back", "market is slightly overvalued" and there's "substantial probability of a double dip" for the economy. He also warned about the risk of Japan-style deflation and a double dip in housing.

Shiller's meaning of a double dip: "Situation in which unemployment doesn't return to normal between recessions".

(Source: WSJ)

Oh by the way, Barry Ritholz (on Tech Ticker) sees another 10% decline in housing. Gary Shilling and Meredith Whitney feel the same way.