Housing crisis predicted for 2008

Homeowners, builders, bankers and realtors all expect 2008 to be a bad
year for the housing market. Fannie Mae predicts existing home sales
will drop 12 percent and existing home prices will fall 4.5 percent.
“We’re only halfway through the housing shock,” said Ethan Harris,
chief U.S. economist at New York-based Lehman. Analysts at New
York-based CreditSights Inc. say housing won’t rebound until “2009, at
best.”