Even back in April average house prices had fallen a few percent from the peak , but the writing was on the wall . Banks were being considerably more careful about lending money , buyers were becoming scarce and house prices were falling fast . It turns out that the reason Kate took her flat off the market was because she thought the price she was asking was too low ( I am reliably informed ) .
According to the above context, answer the following question.
What type of economic event is the narrator talking about ?


The narrator is describing a recession .