Task: Question Answering
Input (English): Context: 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 ) . 
Question: What type of economic event is the narrator talking about ?
Output (English): The narrator is describing a recession .