I feel like 15-20% is a reasonable decline considering the demand drop, possibly more in some grossly overvalued areas like Boise and Pheonix. These “analysts” have been changing their figures by the month. At the beginning of the year they were showing continuous spikes in growth, even when rates were hiking. Now they are backtracking, and I think they’ll do so further. I’d expect a quick rebound, but I think we’ll be seeing price stagnantion/declines for the next one to two years.
That being said, anybody expecting another 2008 is delusional and hasn’t done their homework. Don’t think you’ll be seeing 50% slashes anywhere, between the lack of willing sellers and inflation rocketing off. Foreclosures I would expect, but that depends on how bad the recession gets. The mortgage market is far healthier than 2008, but some overleveraged idiots who took out HELOCS to buy rental properties will get smoked.