why complicate housing crash discussion, page-25

In the USA real unemployment is around 20%.

We have nothing like that here. In fact, we have not really had a recession here!

Nor do we have our property market inundated with sub prime borrowers like in the USA.

We are also leveraged into Asian growth - China will continue to grow and is not dependent on the Western world.

Now property prices may come down - nothing ever goes up in a straight line, but predicting a 40% or more decline seems right over the top to me.