some say house prices to fall by 40 percent, page-45

House prices will fall - but remember they're sticky on the way down so it won't be 12-18 months before the bottom - it'll be at least 3 years before house prices even start to look like bottoming. After the recession of 1991 it took until 1996 before house prices started rising in real terms again.

To those who point at interest rates falling - credit rationing is in full force, you need 20% down to buy a house now. That means the pool of potential buyers is much much smaller (and demand much much lower) - how exactly will prices stay high? Low interest rates mean nothing if you can't get a loan.

To those that point at high immigration - you're dreaming if you think we're still going to have lots of new immigrants when unemployment is skyrocketing. It's just as likely half of the new arrivals will pack up and leave.