What do you reckon Tumbleweed.... if you are still reading posts!
It is very difficult to call the end of a bubble until a few months after the event. It depends on how many people see today's news as a buying opportunity and how many see it as time to panic sell.
It is particularly difficult for property, as transactions typically take about three months from first instruction the estate agent.
The House Price Crash denialists will of course point to 2005 when a similar blip was followed by further large rises in house prices.
I believe the housing market has to crash at some point, the only question is when.
What makes it more likely that it is now is that it is a lot more difficult to borrow money than it was previously, and if people can't borrow the money to buy properties, then mostly they won't be able to buy them.
Sure it can happen if people lose confidence. But we need some fundamental data to back it up.
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