The latest economic puff from Halifax reads:
“There was a 0.5% decline in average UK house prices in June. On a quarterly basis, the 1.9% fall in house prices in the second quarter was the smallest since 2008 quarter one. These figures provide evidence that the underlying pace of house price decline is easing."
Did you get that? The pace of decline is easing. In other words the rate of decline in market expectations of future earnings power to pay for houses is declining less rapidly than it was one quarter ago. That doesn't sound like bottoming out. That still sounds like we are still falling but we can see the bottom coming and at least we are not in total free fall.