Is the roof falling in on the housing market?

By Sean O'Grady, Economics Editor Published: 30 November 2007

Has the bubble burst? The signs are ominous. For some months the property market has been cooling, the bubble showing distinct signs of strain.
Five increases in interest rates from the Bank of England in just over a year had begun to do their work, even before the recent credit crunch. House price rises began to moderate in the summer, and values in the past couple of months have been falling, albeit modestly and from a very inflated level. The Nationwide and the Halifax have reported drops of one to two per cent since the autumn, the worst performances since the housing recession of the early 1990s.

http://money.independent.co.uk/property/mortgages/article3209860.ece