Mar 23, 2011 2:30 PM GMT
Last October, when everyone was jubilant about the housing "recovery," Gary Shilling of A. Gary Shilling & Co., predicted that house prices would fall another 20%.
In the five months since, house prices have resumed their decline.
In his most recent research note, Gary sticks by his "20%" decline prediction. We've included a summary and updated charts from his argument below.