Hey Barg
Concur strongly re the unemployment rate, but I'm not underplaying sentiment either. In London in the late 80's / early 90's the change in sentiment was a massive factor. To see recent entrants who had been glowing about their canny purchase climbing over each other to get out was a sight to see. These folk sure learned a harsh lesson about how illiquid the housing market can prove to be in a downturn...
