Fitch expects "home prices will fall an additional 12.5% nationally and 36% in California" from Q1 2009.
And, oh, you remember subprime?
From HousingWire: Subprime Bloodletting Continues at Fitch
Fitch Ratings today made massive downgrades on various vintage ‘05 through ‘08 subprime residential mortgage-backed securities (RMBS), indicating the extent of the fallout related to subprime defaults has yet to subside.
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