In a recent New York Times op-ed, economist Robert Shiller argues that – though home prices have risen 18.4 percent in the 16 months leading up to July of this year – the housing market is not entering into another bubble. Shiller, the co-creator of the S&P / Case-Shiller Home Price Index, conducted a survey of recent home buyers to determine whether or not respondents had unreasonable expectations about home prices and the housing market. Shiller found that, though short-term expectations were higher than they have been over the past few years, long-term expectations were fairly modest. Also, nearly 20 percent fewer homeowners responded that they thought real estate was the best investment for long-term holders, indicating that Americans are aware that recent price increases are largely due to the drastic drop experienced during the financial crisis. Overall, Shiller believes Americans are still relatively sober about housing but warns of the risk of a potential bubble mentality developing in the market. More here.