Almost no one is arguing about whether the U.S. housing market is in decline these days. Prices are skidding across the country, reports. Homebuilding stocks like Lennar (LEN), DR Horton (DHI), and Pulte Homes (PHM) have gotten crunched.

Yet many people are wringing their hands over which markets will be the worst hit and how steep the price declines will be. Where will the housing market in Chicago or New York or Miami be next year? Bohr's take on predictions is as true as ever.

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