It’s No House of Cards

In response to “What Goes Up (House Prices) Must Come Down,” Commentary, April 7: The main fallacy in Robert J. Shiller’s argument, “High prices are sustained only by the expectation of more high prices,” is that high prices are sustained by a shortage of housing and a strong demand. That’s what we’re seeing here in Los Angeles and in many other areas of the country. And that’s why it isn’t a bubble.

Sid Karsh

La Canada Flintridge