The following is an Inman News Q&A with Patrick F. Stone, chairman of The Stone Group:
Q: Will the housing market contract or expand in 2009?
A: Existing-home sales will probably decline, or at best be near 2008 levels. New-home sales will remain morbid, in the 600,000-to-800,000 range.
Sales of bank-owned (REO) homes will accelerate dramatically