Possibly a bit premature but:
We are into the season of banks giving trading updates. Seems most of the dirty washing is out on display, stock markets have reacted favourably. The Banks hearlded the start of the downturn, now they have come clean, maybe they will start in a few months to trust each other again and pull down the LIBOR premium. Eventually they will be able to offer more affordable loans to first time buyers.
Don't get me wrong the rest of the economy has some way to go to bottom out. Unemployment will continue to rise and house prices will carry on down.
BUT We could be seeing the end of the beginning of the downturn.
House prices will bottom out say May 2009 and stay static through to mid 2010. Unemployment similar. As seems to be common knowledge Airlines are last to recover say 2011 and we may well be able to find gainful employment.
Probably be helped by the spending on the Olympics, and a election with a change of Govt. or at least PM
and things will be on the up.
Don't get into debt and it all looks rosey
Fran