It aint over yet...

Swords Apartments in the Meadows scheme were launched with huge publicity in early spring as being heavily reduced, and starting from 229k for a one bed... now they are down to 199k...

This crisis (and for many it is a crisis) will not be resolved any time soon. Until the expectation of continued price falls comes to a halt, the market will continue to decline. When this expectation changes is anyone's guess.

Plus there are other factors which continue to mitigate against a stabilization in the market...

The credit crisis - this has made banks reluctant to lend; has forced up most interest rates already without an ECB rate change. The maximum amount that can be borrowed is now subject to greater deposit thresholds and a lower Loan to Value rate

The ECB seem to be in no mood to reduce interest rates any time soon.

The economic downturn has been swift, coupled with job insecurity has resulted in a decline in the amount of people that can commit to a mortgage.

The flight of investors - the 'buy to let' sector has dried up - and this is crucial - this accounted for up to 40% of all home purchases in some areas. There is no hope of this sector resuming activity until the potential returns outwiegh the current ECB rate - (or now the savings rate, which in some cases is over 5%).

Immigration has stopped increasing rapidly and there is some evidence it is reversing - the acession states in 2005 had created a significant surge in demand for housing which continued to push prices higher. This could not continue and the eventual slowdown in numbers is beginning to free up the rental stock.

It is difficult to forsee a situation where the above situations could be remedied. In any case, Irish property was significantly overvalued and the crash is only bringing prices back to realistic levels. And it is most surely a crash.

Is the government's decision (in principle) to provide loans to people who have been refused a mortgage by the banks unworthy of comment here?

Kenny has come out against it, and the Construction Industry Federation.

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When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?

You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "

Well there is a thread on it.

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This is nothing new. In the 1980s I would think half the mortgages in the country were county council mortgages. You could apply for one one you had being refused by two banks/building societies.