Home Prices to Fall 29% in 2009 – National Association of Home Builders

At building industry trade show in Las Vegas, David Crowe of the National Association of Home Builders said: "We have consumer confidence at or near a historic low, and it will probably deteriorate in 2009. The nation has an excess "overhang" of 6.2 million homes for sale, about 1.5 million too many." Crowe said he expects prices to fall another 29 percent this year and new home sales to decline 14 percent.       

Also, Mr. Sullivan, chief economist of the Portland Cement Association said: "I see another full two years almost before a significant gain."  Mr. Sullivan was one of the first industry economists to predict the current downturn.                                                                                   San Diego Realtors