Mortgage lending falls 32% as prices slump

The prior several years have definitely been a severe downturn (stating the obvious) in the destruction of existing housing prices. Bloated inventories, overextended borrowers, lack of decent funding, macro economics, lack of faith in the valuations have all contributed to this mess. But it definately is a cycle, and cycles CHANGE.

Reporst like this are factual no doubt, however this cycle of price falls and lending falls by banks will continue in my opinion until confidence returns.