Hard hit cities like Sacramento, Phoenix and Las Vegas are set for more steep losses. Some real estate experts are bracing for price drops of as much as 50%.
NEW YORK (CNNMoney.com) — With home prices plunging by more than 30% in some markets, bargain-hunters are ready to pounce.
But it may pay for buyers to wait. Many housing experts say that the worst-hit metro areas have even farther to fall, and could see total drops of as much as 50%.
“The housing boom was unprecedented in U.S. history,” said Michael Youngblood, a portfolio analyst with FBR Investment Management, “and the correction will be as well.”
Many erstwhile bubble cities have sustained particularly brutal hits…
