"Uncomfortable implications" - Nationwide

A 1.4 per cent drop in house prices in October takes the annual fall to 14.6 per cent for the year according to the Nationwide Building Society, read here. In the Daily Telegraph report comes this grave paragraph, indicating that even the housing lenders in Britain are finally beginning to grasp the severity of the problem. If only Parliamentarians were now to follow! "The crisis in the financial sector and the latest Government data suggesting a recession is imminent is likely to worsen the housing market slump and has “uncomfortable implications”, Nationwide said."