I have mentioned before that there is a link between mortgage approvals and house prices six months from now

http://www.houseprices.uk.net/articles/house_price_predictor/

and I thought I would look at when approvals started heading south

BBA:

BOE

In July 2007, both BBA and BOE approvals dropped dramtically. That is not to say that they wouldn't pick up again, but couple this with the Goldman hedge fund

http://business.timesonline.co.uk/tol/business/industry_sectors/article2253691.ece

and the XOver breaking through 500

http://www.noelwatson.com/blog/PermaLink,guid,3a000888-e5df-4208-9515-01586f6332f2.aspx

indicated that as was not well. Did we know then that things were going to be as bas as they are? Probably not - see my comments on whether the XOver would break through 1000.