As we consider, or for that matter dismiss the possibility of a house price crash in the UK it is perhaps worth taking a look at the shape of things in the US.

The most respected figures for house prices come from the S&P/Case Shiller index and this shows prices down 12.5 per cent from their peak in July 2006.

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The more worrying aspect as is clear from the data and the graph shown is that the speed of decline appears to be quickening.

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