It seems that the most nauseating (in my opinion) of the property columnists has been browsing these pages......
I'll slightly defend her. We probably are a little keen to see things fall in terms of house prices, and with such a sluggish entity as the housing market we probably can't expect to see things falling off very fast.
But in our defence the statistics are a bit questionable, for example Nationwide is mortgage applications and they admit that some may not proceed.
We also ought to expect a factor for a few months where falling sales volumes and difficulties in getting mortgages for any but the most credit worthy will cause a distortion to more "quality" houses and higher sale prices.
I think this is like any maxima - like when you chuck a ball in the air, it decelerates, stops, almost seems to hang, then accelarates at an alarming rate and plummets back down. Stock markets are different as they are liquid markets, and prices reflect purchasing and selling intent minute by minute.
But, mortgages are harder to get, the papers are full of negative housing sentiment, repossesions reach a 19 year high, the lagging data shows stagnation, anecdotals are bearish, Soros and Merrill Lynch predict falls, and, and...
Isn't there an expression about "if it looks like a duck...."