Very good Mark and based on facts. I think the only comments I would make and they are very minor and only a debating point, is that kyero stat an increase in asking prices of mid to high range properties and Im sure that will be put down to the owners not having to sell. However the stock markets are making people very uncertain and as in the late 80s early 90s, secure wealthy people who dont just stick therir money in the bank but do play the stock market, may be hit by this and will then have to loss the toys.
There are odd properties in good areas that are still not selling but the owners can afford to keep their prices up so far but no one knows how long this trend will last. In the 70s there were all sorts of luxury property selling for knock dwn prices so its not impossible this will happen again
I feel the banks at the end of this fiscal year will have to declare vast losses and just from the way things are going for me, whilst it is quiet in the buyers area its is extremeley busy in the sellers area.
There are buyers but they are holding off and this will help to bring about the downturn faster.
Just a small question as well. When sales rates are shown for 2007, the transactions, are these new transactions ie reservation fees (cant be as there is no register of this) or is this in fact completions from 1, 2 and more years ago from the off planners completing!
As it surely must be the latter, then the true picture is an awful lot worse!