While economists clutch their spreadsheets and politicians claim "steady growth," the real economy is screaming warnings that almost nobody wants to hear. The signals are there, hiding in plain sight: in the cardboard boxes piling up at recycling centres, in the lipstick tubes sliding across checkout counters. And they're both pointing toward the same grim destination—a housing market collapse that will make 2008 look like a dress rehearsal. UK house prices fell 0.3% in September, erasing August's gains and bringing the average home to £298,184. The Halifax tries to spin this as "broadly stable," but stability is precisely what we don't have. What we have is a market teetering on the edge, propped up by nothing more substantial than collective delusion and the desperate hope that somehow, this time, the fundamentals don't matter. Here's what does matter: the economy that underpins housing demand is crumbling, and the establishment indicators y...