AsianFin -- China’s real estate crisis, now entering its fourth year, may have further to fall before hitting bottom, Goldman Sachs warned in a report released Wednesday.

The investment bank’s analysts estimate that home prices, already down 20% from their peak, could decline another 10% by 2027. The forecast draws on a historical analysis of housing busts across 15 economies since 1960, which found the median correction spans six years with a total price drop of 30%.

Goldman Sachs defines a housing bust as a price decline of at least 20% from a cyclical peak. By that measure, China’s downturn still has room to run.