Robert Shiller, Karl Case and David Blitzer — leading experts in the housing market — believe several headwinds will keep a lid on housing gains, such as a low level of new home starts, an unexpectedly slow migration of so-called shadow inventory onto the market, and difficulty for buyers to secure financing, writes NBC News.

Yale University economist Shiller said:

"You've got a lot of breathless commentary in the media. All this talk that we're in this great recovery—we probably are in the short run, the longer run doesn't look so terrific to me."