CHICAGO (MarketWatch) -- Housing is in its "deepest, most rapid downswing since the Great Depression," the chief economist for the National Association of Home Builders said Tuesday, and the downward momentum on housing prices appears to be accelerating.
The NAHB's latest forecast calls for new-home sales to drop 22 percent this year, bringing sales 55 percent under the peak reached in late 2005. Housing starts are predicted to tumble 31 percent in 2008, putting starts 60 percent off their high of three years ago.
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