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 ) .
What type of economic event is the narrator talking about ?
Pick the best answer from the following options:
- The narrator is describing a recession .
 - The narrator is describing a period of growth .
 - The narrator is describing a boom period .
 - The narrator is describing a depression .


The narrator is describing a recession .