"National home prices have declined 33% from the peak in 1Q06 through 3Q11, returning to mid-2002 levels. In our view, this has left prices fairly valued relative to per capita income growth and rent prices. However, we expect prices to undershoot relative to fair valuation, declining another 7% from 3Q11 through 1Q13."

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MICHELLE MEYER: Home Prices Will Continue To Plunge, And 2013 Will Be The Worst Year For Foreclosures In History

Normally I’m not one to say I told you so but … I totally did.