It's more and more accepted that 30% price drop is coming
Goldman Sachs conference call which was held on Monday, November 19th, 2007 at 11:00am EDT said the following:
Eight states ... for which there is greater than 30% house price depreciation forecast would be California, Florida, Arizona, Nevada, Virginia, New Jersey, Maryland, and Washington D.C. ... 13% to 14% nationally masks some states that we have accute concerns.
