Micheal it economic reasoning.If houses drop by 50% it will be cheaper to Buy established houses. Therefore the housing industry will be affected. That alone employs one million directly and how many others service that industry or in directly. Remember Micheal new home approvals have dropped by about 40%. On such losses Banks will tighten all form of lending not giving business the capital to work with. Goverment will have short falls with loss of revenue due to lower stamp duty. Micheal have a look around retailer sare screaming no one is spending. You really think it will be all a status quo if houses drop that far, and the million or so PI stop spending also. Micheal you really think on big price drops everthing will go on as before!
