wasn't the recent NAB writedown of CDO debt based on property falling 55% from peak, still quite a way to go yet.... the good old USA is going to nationalise their fannie and fredie and thus we begin to see the end result of capitalism as the state will own most of the property in the country and the population become debt slaves as growth reduces to zero.
the property permabulls are certainly getting more twitchy as they look over the abyss of the great deleveraging and into the land of deflation only now becoming visible on the horizon...
may their fall into the abyss be as glorious as their ascent.
