Economists have been debating the cycle of boom and slump for decades without ever coming to any definite conclusions. In early 2008 all the talk has been of the 'credit crunch' and in particular its effect on the housing market.
In June 2008, BBC One's Panorama programme High Anxiety looked at the issues of the credit crunch and the housing market. It featured a snapshot of people's problems from around the UK.
In Suffolk, Ray owns two homes but lives in a flat which he rents. He works as an accountant and even he's finding it hard to pay the mortgages and be optimistic about the housing market.
After years of rising property prices, policiticians and analysts can't agree on whether we're seeing a small downturn or the start of something similar to the house price crash on the early 1990s.
Click on the links on the right for more on the Panorama programme including advice on the best course of action if you're faced with repossession.
last updated: 03/06/2008 at 17:44
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Do you agree with Ray's analysis of the housing market?