Home prices are likely to decline significantly more than seasonal norms over the coming months and into year-end due to accelerating layoffs and bankruptcies, combined with sales volumes that are worse than normal and home price declines that are already larger than average.

Housing market has turned the corner with clear path forward; demand will increasingly focus on million-plus homes with lower-price home demand petering out, leading to slow housing market in coming year with prices declining 4 to 5 percent by year end