Henry Silverman Sees a Perfect Storm

In an interview with CNBC on video here, Henry Silverman of Realogy, Corp. discusses the current residential real estate markets, the past year or so, and his view of the near and long term future of home prices.

He's predicting another 10% on average drop in home prices before things start to get better. He also sees more "jingle mail" coming, as home values decline, possibly doubling the number of homes under water with their mortgage. There isn't a lot of good news in this interview for the short term. He does mention the growing population and other factors that should increase demand for homes in the longer term. But his reference to the "perfect storm" in the last seconds of the video is ominous.

There are a number of videos on this page about commercial real estate, REITs and the markets. You might want to watch them for a capsule of the markets as the experts see them today.