November 23, 2008 6:00 AM

Housing is bad enough, but wait — it'll get worse

If you think the housing slump can't get much worse, Martin Feldstein thinks that both home prices and the broader economy can — and very likely will — get a whole lot worse. The Harvard University professor and former chief economic adviser to Ronald Reagan isn't part of the crowd that continually forecasts doom. So when he says that one in four U.S. homeowners owe more money than their home is worth, it's worth taking note.

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