tcisboss, YChromozone and jovanco are correct, a period of consolidation and deleveraging needs to occur in order to stop us from becoming like other debt ridden developed nations. If this can occur without a hitch (which the bears concur it cant) it will cement the gains of the 2000's into a sustainable long term future where asset price appreciation can occur again, any fool who thinks property can grow 10-15% YOY when wage growth is 3-4% over a long period fails at finance.
House prices need to fall back within sustainable metrics once again, or we all need allow men to have two wives so the new entrants can service the debt with 3 incomes instead of 2! I'd pity the man however, at house price 12-15 times his annual salary and 2 whinging wives to tend to!
