Housing resurgence draws skepticism

The gains made in the housing market have captured the attention of hopeful consumers. But Robert Shiller, who helped formulate the S&P/Case-Shiller 20-City Index measuring performance of housing markets in the country's most economically critical metro areas, writes in The New York Times that the recent housing performance should be viewed skeptically.

Short-term gains have never been indicative of sustained improvement in the residential markets — and they likely aren't this time, either, Shiller…