Well since you guys like looking overseas allot we all know how well the US is going don't we!
House prices falling will not make the economy a basket case it is the economic conditions in the wider economy that will cause that and potentially crash the housing market by 40%+. However at the moment that is unlikely. Unemployment is very low, and interest rates while they will go up are likely to come down some when the brakes are put on the economy. So the reality is it is highly unlikely that a 40%+ crash will occur in the whole market.
