Glimmer of hope for house prices
Yesterday's house price figures from the CSO, which show that prices fell by a further 1.5pc in November, will push even more homeowners into negative equity, where the amount which they owe on their mortgage exceeds the value of "their" home.
Following the falls experienced in November, average house and apartment prices have fallen by 54pc in Dublin and by 42pc in the rest of the country since peaking in February 2007.
This makes the Irish house price crash one of the worst ever recorded in any country.
Bad and all as they are, yesterday's figures do contain some glimmers of hope. Dublin apartment prices, which have been worst-hit by the crash, actually rose by 4.7pc in November.
While they are still down a massive 58pc on their 2007 peak, last month's increase in Dublin apartment prices would seem to indicate that, now prices have fallen to more realistic levels, buyers are beginning to emerge.
The experience of Dublin apartments is almost certainly going to be repeated for other types of residential property.
Buyers know that most prices, particularly outside of Dublin, still have further to fall.
They are not fooled by the unrealistic prices being quoted by sellers and their agents.
Until sellers reduce their asking prices closer to what buyers are willing to pay, house and apartment prices will keep falling.