By the time the credit crisis finally comes to an end, U.S. home prices might have fallen in value by nearly one-third, according to a
The report quoted Peter Acciavatti, a credit analyst at
, who told the news agency that the more than $300 billion in writedowns banks have already taken could mean $3.9 billion worth of credit won't be available.
The report said Acciavatti believes home prices might not stop falling until 2010. "The housing correction is in a down phase,"
quoted Acciavatti as saying at a conference. "We're now going through a phase of deleveraging and the pulling out of easy money."
JPMorgan, the report said, estimates that big banks might ultimately record writedowns of as much as $600 billion.
This article was written by a staff member of TheStreet.com.