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

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