Bob Shiller’s grand experiment in providing liquid access to residential housing prices is shutting down.

MacroMarkets LLC announced on Friday that the MacroShares Major Metro Housing Up (NYSEArca: UMM) and MacroShares Major Metro Housing Down (NYSEArca: DMM) will cease trading on Dec. 28, 2009. Shareholders of record on Dec. 28 will receive cash payments equal to the full net asset value of the trusts, minus expenses.

MacroMarkets said that the trusts are being liquidated because they failed to accrue at least $50 million in assets under management. Launched in June, the trusts had a combined $20.8 million in assets as of Dec. 22, 2009.

This is not the first time that MacroMarkets has shut down its unique exchange-traded fundlike products. Its first two products—the MacroShares Oil Up and MacroShares Oil Down trusts—were terminated in June 2008, after the rising price of oil upset the funds’ unique teeter-totter pricing mechanism.

Its second pair of trusts—also linked to oil prices—launched one month later, but were quickly shut down as well due to lack of interest.

The closure of the housing products is more troubling for MacroMarkets, however, as the company was founded with the intention of delivering liquid access to residential real estate prices.

MacroShares will charge the costs of closing the funds—approximately $750,000—to shareholders, costing them approximately $0.87/share. Those expenses are being deducted from the funds on a prorated basis over the period running from Dec. 22-28.

The MacroShares products were linked to the S&P/Case-Shiller Home Price Indexes. The Chicago Mercantile Exchange continues to offer housing futures tied to those indexes.

MacroMarkets could not immediately be reached for comment on Wednesday.