The first waves of selling and price declines these past couple of years were painful..
The final wave, the one that clears through the millions of vacant, foreclosed, overpriced, overbuilt, badly located, for sale and unwanted homes, the one that wipes away the rampant fraud and speculation, the one that gets home prices back to (or below) their historical averages, well that wave is just now coming ashore.
And that's just the US we're talking about - remember we still have a whole world to go.
And you know what, except for arrogant and sadly misinformed idiot ramen-eating realtors on commission who continue to destroy what little credibility they have left (do they have any left?) by calling bottom month after month after month, I think most people now see it coming.
Let the final wave of selling and price reductions now come ashore.
After all, as HP'ers well know, it hath been foretold.
Housing: It'll get worse
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."
Many erstwhile bubble cities have sustained particularly brutal hits. The median- price of a home in Sacramento, Calif. was down 35% during the three months ended May 31 compared to the same period last year, according to the real estate web site Trulia.com. In Riverside, Calif. prices fell 29%, while San Diego prices dropped 26%.
Smaller cities in California's Central Valley, such as Stockton (-39%), Modesto (-37%) and Bakersfield (-29%), also recorded steep declines.
Outside California, hard-hit markets include Phoenix (-18.8%), Las Vegas (-22%), West Palm Beach, Fla. (-32%) and Cape Coral, Fla. (-35%).
Youngblood expects that these markets will likely endure total price drops of 50% or more.