Housing: It’ll get worse

By Les Christie, CNNMoney.com staff writer
Jun 12th, 2008

Hard hit cities like Sacramento, Phoenix and Las Vegas are set for more steep losses. Some real estate experts are bracing for price drops of as much as 50%.

NEW YORK (CNNMoney.com) — With home prices plunging by more than 30% in some markets, bargain-hunters are ready to pounce.

But it may pay for buyers to wait. Many housing experts say that the worst-hit metro areas have even farther to fall, and could see total drops of as much as 50%.

“The housing boom was unprecedented in U.S. history,” said Michael Youngblood, a portfolio analyst with FBR Investment Management, “and the correction will be as well.”

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