The real estate industry is in a serious recession, but industry insiders say the worst is yet to come.
Literal
Real-estate industry [topic-は] serious recession [in-に] exists [but-が], industry people [topic-は] worst situation [topic-は] from-now comes [quotative-と] are-saying.
深刻な不況にある = 'is in a serious recession.' 最悪の状態はこれからやってくる = 'the worst situation is yet to come.' A grim business outlook report.