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...and we get somewhere at last. These "market particpants" are all that is holding the tide back IMHO. I've been "living" the GFC since July '07. For me, the fundamental disintegration of the international capital markets is now such that I take it as given. Ditto a global recession...

I think you're missing the point. The point is whether the growth in housing debt that has enabled historical house price growth will continue at similar levels and at comparable terms in the future. There will be debt. It's just a question of will there be enough.