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Robert Shiller: Tax bill's mortgage interest deduction cut won't affect home prices

Robert Shiller: Tax bill's mortgage interest deduction cut won't affect home prices

"The general idea is it would push prices down if people are rational," which Shiller says they are not when it comes to housing. He is the author of the bestselling book "Irrational Exuberance."

He does, however, think that if homeowners can no longer deduct their property taxes, or if the amount they can deduct is limited under the new tax plan, that would be a big deal — at least to rich people.

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