It seems concern about the state of the housing market has finally reached the Cabinet Room of Number 10.
I've seen the briefing from this morning's Cabinet meeting and it will worry all home owners, particularly because it seems the Government itself has no idea of the scale of the problem.
"We can't tell how bad it will get", the document reads.
"We need to plan now to put in place effective measures against the risk that it does get worse" - which raises the question: what, then is the current strategy?
The document further states that repossessions are rising, that housebuilding is stalling with builders predicting further stalls - despite the fact that underlying demand remains high.
This all paints a very bleak picture indeed. More woe for Mr Brown at the worst possible time.
And plenty of questions, no doubt, about the Government's confidence in the UK economy's ability to weather the downturn.
UPDATE: Here's the full text of the document as seen:
Leading house prices (text covered) falls for the first time in recent years. Given present trends they will clearly show sizeable falls in prices later this year - at best down 5-10 percent year on year.
House building is also stalling. New starts are already down 10 percent from a year ago. Housebuilders qare predicting further falls. Having seen net additions reach roughly 200,000 in each of the last two years the figure for 2008-09 is almost certain to be well down on that.
Underlying demand for housing rermains high and the fundamentals of the economy remain sound. But the market is being affected by the global credit crunch which is making it difficult for many who would lke to buy to do so.
We can't know how bad it will get. But we need to plan now to put in place effective measures against the risk that it does get worse and to prepare for the up turn.
We are continuing to monitor the situation and take appropriate (text
covered)
The chancellor and I met some of the largest mortgage lenders recently to continue discussions on what more the govt and the industry could be doing. I have subsequently met a number of the smaller lenders.
We are playing our part to get the market moving with the Bank of England's 50 billion liquidity scheme. We have also put in place new measures to ensure the small minority of buyers facing repossession receive the support and advice they need. And I will tomorrow announce a pkg of measures to assist first time buyers.
But it is vital that we show that at this time of uncertainty we show we are on people's side. (on people's side in bold and underlined).