It doesn't seem like you missed it by much. Somebody here should correct my numbers (and reasoning if necessary), but look at it this way. Let's assume your fermentable ingredients averaged 1.036 per pound per gallon, which I think is pretty average. If your OG was supposed to be 1.052, and it was a 5 gallon batch, then you would have used 52*5/36= 7.22 lb of malt(or whatever). To miss it at 1.048, you either had 48*5/36= 6.66 lb of malt (shorted it by about half a pound) or you had 7.22*36/48= 5.4 gallons of water (about half a gallon too much water). This is assuming also that all your fermentables made it into solution, which who knows, maybe some didn't. Also, if the wort is not stirred to an absolutely completely consistent state, you could have low gravity layer floating on a higher gravity layer, which would throw your readings off as well. All in all, I wouldn't worry too much about it, especially since the difference is so small. I don't know the ABV loss off the top of my head, but it can't be much. Relax!
How does the wort taste BTW? Smell good? Look nice?