Sunday, March 9, 2008
Market looking shaky – but we already knew that
"All these factors, plus a general mood of pessimism about the economic outlook, is likely to lead to falls in house prices this year, though few analysts are predicting a full-blown crash like that of the early Nineties." Few are predicting - but I wonder what they're thinking. If the law of reversion to mean holds - perhaps the only robust rule in economics - this is surely going to be the most full-blown of all housing crashes.