Goldman Sachs: By 2009 You May Owe More Than Your Home Is Worth

Home prices experienced the steepest drop on record for a single quarter says the National Association of Realtors:

The national median price drop of 5.8%, to $206,200 from $219,300, was the steepest ever recorded by the National Association of Realtors (NAR), which has been compiling the report since 1979.

Goldman Sachs is predicting that 15 million homeowners could owe more than their home is worth.

Prices have fallen more than 10 percent since their July 2006 peak in the worst U.S. housing slump in 26 years as the number of unsold homes has grown and prospective homeowners had a tougher time getting home loans. As many as 15 million U.S. households may owe more on their mortgages by the end of this year than their homes are worth, according to an estimate by Jan Hatzius, chief U.S. economist at New York-based Goldman Sachs Group Inc.

This makes us wonder:

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Home Prices Fall in 77 U.S. Metro Areas, Realtors Say (Update2) [Bloomberg]
Home prices in steepest quarterly drop [CNNMoney]