"The pace of activity in the housing market has also normalised and households have become more cautious."
"The number of unsold new homes has increased and construction companies have cut down their production."
"Residential investment will decrease markedly this year."
"In Finland the rise in prices has been more moderate than, say, in the other Nordic countries, but a calmer period of a few years seems natural after an uptrend lasting several years."
Clearly, if the credit and confidence crisis continue, its impact are beyond any crisis seen in the past 30 years thus making the last recession as shallow one. After all, the last recession was the trigger for housing price acceleration as interest rates were mistakenly pushed too low.