You know what you are talking about and have a good situation awareness.
You hit in right on the nail.
What you have summed up is consistent with my projection that whatever we are seeing is merely the prliminary phase of the rout. This is pure leading indicator material.
Remember, when Rudd brought in the FHBG (in panic when he witness the onset of a wide spread price fall), house prices in say the leafy parts of Melbourne was not falling even as fast as now.
