It is a potent cocktail

Collapsing mortgage supply Sharp fall in demand for home loans A significant decline in average house prices with the prospect of more to come Distressed homebuilders announcing very large job losses A precipitous fall in land values raising fears of bankruptcy among some of our leading home-builders

The tipping point has been well and truly reached .... this housing recession is going to be very deep and - in the absence of some favourable external headwinds or imaginative and decisive policy intervention from a government that has long since lost momentum and credibility - the knock-on effects on the wider economy are likely to be widespread.

The Observer Homebuilders face disastrous £3bn landslide

Sunday Times Falling into the abyss?

The Guardian From building sites to sofas, the crisis starts to hit home

The Telegraph Is the UK economy headed for a recession?

The Telegraph (Roger Bootle) The signs of a recession are all here