More housing market woe:

The FT House Price Index recorded a drop of 1.3 per cent in August, the single largest monthly fall since October 1992, according to the latest figures released on Friday.

This article places the problem into another perspective, that of the Austrian School of economics:

The truth is that credit expansion is responsible not only for the boom-bust cycle but also for another major negative phenomenon for which public opinion mistakenly blames capitalism: namely, sharply increased economic inequality, in which the wealthier strata of the population appear to increase their wealth dramatically relative to the rest of the population and for no good reason.

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