Moody’s: Home prices to crash 20% in Nashville—here’s the revised forecast for the nation’s 322 largest housing markets

This week, we learned that slumped home construction subtracted 1.37 percentage points from U.S. GDP in the third quarter. That’s the biggest housing contraction since 2007. Meanwhile, mortgage purchase applications are down 41.8% on a year-over-year basis. Total mortgage purchase applications are now lower than any point hit during the Great Recession. This downshift in…