MR. SUNSHINE: Gary Shilling: Here’s Why House Prices Will Now Drop Another 20%. The homes in my n

MR. SUNSHINE: Gary Shilling: Here's Why House Prices Will Now Drop Another 20%. The homes in my neighborhood that actually sell have dropped that much. But plenty are still on the market at prices above their 2005-06 level. Those need to drop 20% if they're to sell.

Related: Goldman's Top Economist Says There Are Only Two Scenarios, Bad And Very Bad. So have we reached the point where there's irrational negativity, instead of irrational exuberance? Or is that a rosy scenario? And if things are so grim, why has the market gone up lately?

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