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Another 20 percent plunge in home prices?

Posted by Scott Van Voorhis July 8, 2011 06:00 AM

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Well that's what economist Gary Shilling is predicting.

A true doom and gloomer, he's also forecasting a return to recession in 2012.

That said, Shilling's bearish pronouncements have been right at key moments, including 2008.

The key is the massive inventory of unsold and foreclosed homes on the market - 2 million more than what the market has historically been able to absorb.

Shilling is predicting a total fall in home prices of 46 percent from their 2006 peak - and he contends that may be "optimistic."

"Declines tend to overshoot on the downside just as bubbles do on the upside," Shilling writes in the Christian Science Monitor.

This blog is not written or edited by Boston.com or the Boston Globe.
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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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