With the demand side of the housing market having largely collapsed with the end of the tax credit, it is virtually certain that prices will resume their decline, completing the deflation of the bubble. While the bubble has fully deflated in some cities such as Las Vegas and Phoenix, it still has a considerable way to go in others like New York and Los Angeles. In the 20-City index, we can still expect a further decline of 15-20 percent.

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Read the entire Housing Market Monitor.

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