House in order
•The inevitable fall of house prices seems to surprise the media. Is there some kind of conspiratorial, cognitive amnesia regarding the coverage of the boom and bust years?
The prices of houses will drop further until they are at a sustainable level, which would have predated the boom and bust period of speculation. Lots of houses are still way overpriced and need to drop to what is a more sustainable level.
There is no way forward until this happens, because it renders the whole pricing system of property way out of touch with the current reality.