It was the era of Wall Street, the "big bang" in the City and rocketing house prices.
In particular, hopes that house prices may now stabilise are likely to be dashed.
Shanghai's house prices fell by 19.5% in the third quarter, says Savills, a global property company.
It was intended to boost confidence at a time of falling share and house prices.
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Declining house prices in the capital foreshadow a weakening housing market in the rest of Britain.
So keep an eye on house prices, oil prices, gold prices and election polls.
To get back on track with the economy now, house prices have to go down.
House prices will soften in 2007, the sages predicted, but by only a little bit.
However, Registers of Scotland (RoS) data showed that over the year house prices rose by 1.7%.
Housebuilders reject the criticisms and claim that minimum space standards would push up house prices.
House prices are also in line with income in all but the most expensive coastal markets.
Nationally, house prices have fallen between 3% and 13% depending on which index you look at.
Instead, house prices are more likely to slide slowly down over the next four years.
It would also artificially increase house prices, according to Roger Bootle, an economist at Capital Economics.
The contrast between rising house prices in London and falling prices elsewhere continues to grow.
Turns out, plenty of homeowners are suffering despite the recent boom in house prices.
Thus changes in house prices directly affect far more people than do changes in share prices.
Changes in house prices may also be more to the fore in people's minds.
In America, for example, house prices have fallen back only to where they were in 2004.
Wall Street's gloomiest seers think average house prices could fall by 10% this year.
Such a dramatic drop in national house prices this year is possible, but not yet probable.
No one is sure just how responsive consumer spending is to changes in house prices.
What I failed to see was the great inflation in house prices from 2004 to 2006.
The reason is simple: the rent, a key fundamental underlying house prices, is expensive here.
It has been held aloft for years by giant booms in house prices and infrastructure spending.
The latest figures show house prices off by 40% in real terms, and still falling.
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So who is right about house prices, Makin or the Americans who've bid them up?
These were periods of pretty heavy defaults, and yet national house prices rose every year.
This matters, because the impact of house prices on the national economy is asymmetric.
"The outlook for the UK economy and house prices is more unclear than usual, " he said.
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