-35% top to bottom for greater Baltimore, nominal. After adjusted for inflation, it will be a lot worse.

Makes no sense to talk in %, as there should be loads of auctions. Sooner the housing story ends, better for a new start.

I'd say something on the range of 15-20% for the country as a whole, but that the local percentage really depends on where you live and what kind of home you have. Maryland doesn't have quite the sprawl problems that nearby Virginia has, thus limiting the pain. Close to Baltimore and Washington there are very few places left for developers to exploit in terms of new development, assuming Maryland actually enforces SmartGrowth. That supports prices. As people realize they are going to be paying $3.50 or more per gallon they aren't going to want to live as far from where they work; that supports prices close to job centers. BRAC will support prices. In general, I'd say that places like northern Carroll County, the Eastern Shore and other places that are only bedroom communities will do a lot worse than the rest of the state. Likewise, homes in the under $300k range probably won't experience great declines because new construction in this range is very, very scarce. Almost exclusively condos and split-level duplex townhomes (4 floors, 2 units). Because of land prices (helped by a scarcity of land close to the cities), builders just can't make any money at this price level. It's the cookie cutter $450-$600k home that is going to come down in price 15-20%. Which is still a range of $360-$500k.