When th banks start to sell of repos at any reserve, then you will knoe its trouble. Until now its been a soft ride, but you can feel on the street that there are problems coming along.
Valuations are coming in noticeably lower affecting investors who are unsure – such as Ashtondav. People will still buy for personal use and large funds/investors are buying too, providing its at rock bottom price – and they are getting it!
Thats all true however I cant see workers working for less, cant see material costs going down, maybe land costs could go down but most of the land has already been sold. so how cheaply could you build a new house for psm and then add the land costs and some houses are already being sold for less than that