The economic transition which is in progress will have a range of impacts. The squeeze on house prices is something many will welcome as "affordability" and entry prices become easier for more people. Yet for those facing negative equity the squeeze is less welcome. The problems of house builders are one other example of the impacts of the down turn and are likely to test the robustness of many companies financial models and assumptions.
There is no escaping this adjustment and the political consequences are unclear. Gordon seems to have responded well to a "crisis" while Cameron, having promised much as a new face, seems to have an empty pantry.
And yet, out and about over half term, the shops still seem to be in good business. Perhaps the impact on such activity will be a third phase. Phase one - financial sector/liquidity, phase two - employers and builders etc, phase three (Jan onwards?) - increasing employment problems?