National Association of Home Builders: Cumulative Price Fall to Exceed 45% in 2009

"David Crowe of the National Association of Home Builders said he was quite negative in his housing and economic outlook last year, but not negative enough.... The S&P/Case-Shiller Home Price Index fell 25.3 percent from March 2006 to October 2008.Crowe said he expects prices to fall another 29 percent this year and new home sales to decline 14 percent."