PMI, the company that insures mortgages, wrote this week:

The continued oversupply of homes on the market
continues to put downward pressure on house prices, although
the pickup in sales has tempered this. We project median
existing home prices to fall by another 12.5 percent this year, (emphasis ours)
although the biggest declines are likely behind us. House prices
should finally stabilize next year as excess inventories are
drawn down, resulting in slight increase in prices over the
course of 2010.

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