The Yale economist and co-founder of the S&P Case-Shiller Home Price Indices believes that house prices are in for a long slog through a muddy economy.

In an interview with The Wall Street Journal's "Real Time Economics Blog," Dr. Robert Shiller said he believes house prices would remain stagnant for the next five years. He said he was concerned that the recent rise in prices shown by the Case-Shiller indices "could be an aberration and temporary."

When asked by the Journal what factors would affect housing prices, Shiller cited the expiration of the first-time home buyer tax credit in November, the wind-down in next year's first quarter of the Federal Reserve's program of buying mortgage-backed securities, the oversupply of homes for sale and the shaky economy.