Mr. John McCarthy:

Okay, if you're asking me for the evidence on a soft landing ... I mean, economists think of housing as not just an investment asset but also a consumer good. In other words, it provides consumer services, accommodation and so forth. So unlike a stock in share where if there is overvaluation, it can fall dramatically; in a housing market, if prices begin to fall, people will take the house off the market rather than sell at a loss.

So you can get prolonged periods of disequilibrium in the housing market. So, in other words, if the actual prices here, the fundamental prices here, you can get a levelling off and eventually fundamentals catch up. That's the theory and that's the sort of supporting evidence.