Home prices could fall another 14%

From BusinessWeek's Hot Property blog:

Daniel Alpert, Managing Partner at Manhattan boutique investment bank Westwood Capital, says that home prices could fall another 14% by the time the slump is over.

To understand why, it helps to divide the metros into two separate categories, rather than to lump all of them together, he argues. According to his analysis, home prices in 13 of the 20 metros included in the Case Shiller index could continue to drop: Denver, Washington D.C., Atlanta, Chicago, Boston, Detroit, Minneapolis, Charlotte, New York, Cleveland, Portland, Texas and Seattle. The former bubble markets where prices fell early and fast are likely closer to the bottom, he said. They are: Phoenix, Los Angeles, San Diego, San Francisco, Miami, Tampa, and Las Vegas.

As I've said before, Phoenix and Las Vegas are starting to look fairly valued compared to their historical values.