That sinking feeling

At present there is little concrete sense in the public's mind that house prices are falling. Maybe 5%, 10%, 15% who knows for sure? Not that much property changes hands and each house is a unique proposition. During the heady days when anything seemed possible and people were simultaneously shocked and excited about the run up in prices people may have felt that even though they paid too much for their house next years value would make it all feel worth it. How will people feel about the mortgages they owe when we are on the way down?