Home prices could dip another 6% to 7%, before hitting rock bottom in early 2012, according to analysts atJPMorgan Chase (JPM: 32.23 -3.82%).
If that is the case, prices will fall about 37% from peak levels reached before the 2008 housing meltdown.
In the banking giant's September home price monitor report, analysts said the outlook is bleak, noting persistently weak housing demand. The firm said existing home sales in July hit a disappointing annualized pace of 4.67 million units, while mortgage applications plunged 14% in August.
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