The housing decline will continue "fast and maybe even faster" than predictions, said David Blitzer, the managing director at Standard & Poor's and chairman of the S&P 500 Index Committee. Blitzer gave "Squawk on the Street" viewers a glum outlook -- but offered a bit of good news, too.
Blitzer told CNBC's Erin Burnett that the U.S. real estate market has "one or two hot spots left" -- but cautioned that even these are "beginning to fade." The last glimmers of housing hope are found in the Pacific Northwest and, specifically, Charlotte, N.C., the managing director said. The worst American markets: the northern Midwest, centering around Detroit, and the Boston metro area.
But while 17 of 20 cities suffered month-on-month declines, and 13 of 20 had year-on-year drops, Blitzer said there is a dim ray of hope: "The unwinding of the housing boom of recent years" is happening "without precipitous crashes," he said.