Many Americans have substantial portions of their net worth tied up in their place of residence. While housing brings benefits both tangible (a place to sleep) and intangible (a sense of belonging to a community), one thing it has not historically offered is solid capital gains appreciation.

That's what one of the leading experts on U.S. housing, Yale professor Robert Shiller, told me last week when I interviewed him in front of a live audience at Motley Fool Headquarters. Shiller, author of the new book Finance and the Good Society, explains why in the video below. (Running time is 1:44; a transcript is provided below.)