"We are in phase one of the housing correction," Nomura's Zach Pandl says of today's 18.2% dive...

|By:, SA News Editor

"We are in phase one of the housing correction," Nomura's Zach Pandl says of today's 18.2% dive in home prices. "You have a lot of distressed sales right now even though prices are finding a floor... There is still a massive amount of inventory in the market."