Give it another two or three years — that's when the real estate market gets hit the most." Meanwhile, the fallout in the commercial real estate sector could be more severes. However, banks, bearing huge losses in their mortgage and commercial real estate portfolios, will be more hesitant to lend, weighing on demand and causing real estate prices to plunge. Advertisement"It's possible we'll see a 50% [correction] in some spots, but I would say somewhere around a 30% correction in real estate," Vermeulen said of real estate investments. Those losses could take seven to 10 years to recover from, he said, due to the long nature of real estate cycles.

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Persons: —, Chris Vermeulen, Vermeulen, — that's, Vermueule Organizations: Service, Traders, Business, Census, Challenger, Bloomberg, National Association of Realtors