Economist says: Most serious housing downturn since the Great Depression

Mark Zandi, chief economist at Moody's Economy.com, predicted that, if the economy slips into recession or if efforts to modify loans don't pick up substantially, the housing market downturn could last through the end of the decade.

"This is the most serious housing downturn since the Great Depression," Zandi said.

Also, a Goldman Sachs report last month said more than $100 billion in additional bank write-offs and losses are on the horizon due to bad mortgage investments. [tags]real estate bubble, housing bubble, San Diego California real estate[/tags]  San Diego California real estate agent