House prices could fall by 20% by if recession sparked ravages economy

Record-high housing prices in the US could collapse by up to 20 percent over the next year if a recession sparked by 's takes hold, a top Wall Street economist has warned.

Ian Shepherdson, a chief economist at Pantheon Macroeconomics, pointed out that home prices have already declined by about five percent from their peak in May and will continue to tumble.

According to his previous work, there are now 40 percent more single-family homes available than four months ago - and previously occupied home sales have slowed for the seventh month straight.

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