David Crowe, or the National Association of Home Builders, the folks who generally try to paint a bright picture of housing predicts that house prices will further collapse in 2009.

In addition to a 25.3% in the Case/Shiller Home Price Index drop since the peak in March, 2006, he is saying that house prices will fall a further 29% in 2009, for a total drop from peak of 47%.

Ouch.

Though I would also note that this likely a lead in to a pitch for some sort of Federal aid.

H/T Calculated Risk