Still this is a recipe for fundamentals house price appreciation.

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There are fears that the economy has simply lurched from depending on increasing stock prices to relying on house price appreciation to fuel growth and that the longer this goes on, the stiffer the price Americans will pay when the bubble pops.

ECONOMIST: Greenspan’s last words? | The

Because of the decline in housing demand, the pace of house-price appreciation has slowed markedly, with some markets experiencing outright price declines.

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In areas with more severe house-price declines, it may be necessary for lenders to take a bigger haircut and offer smaller notional shared appreciation claims in order to restore homeowners to positive equity at lower house prices.

FORBES: Home Truths