However, prices are down 13.5% on the peak they reached in October 2007, before the credit crunch took hold, and Nationwide warned that the market remained fragile.

然而，在信贷紧缩还未站稳脚前，房产价格2007年达到顶峰后，下降了13.5%。全国保险公司警告市场依然脆弱。

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Then came the credit crunch and some carry trades broke down spectacularly.

然后，就来了这场信贷危机，一些套息交易轰然崩盘。

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The housing bust, the credit crunch and a weakening labour market have dragged down domestic spending.

次贷危机，信贷危机，劳动力市场逐渐下滑差点拖垮国内消费。

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But as funding conditions worsened last year, the region's largest banks began to hoard it, causing a credit crunch lower down the financial food chain.

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Because their failure would represent another lurch down in the credit crunch.

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When it came to the crunch games, we let ourselves down.

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