Yale economist advises US home buyers to delay purchases.

Yale economist Robert Shiller has advised US home buyers to delay their purchases by six months or so, as home prices are expected to continue declining due to the Federal Reserve's interest rate hikes and surging mortgage rates. Shiller, who co-developed the S&P CoreLogic Case-Shiller national home price index, said that home prices are very high by historical standards and that buyers could secure a more affordable deal if they wait. The average 30-year fixed mortgage rate was 6.42% through last week, up by 2% compared to the same week one year ago.