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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 ?

(1). The narrator is describing a recession ..
(2). The narrator is describing a period of growth ..
(3). The narrator is describing a boom period ..
(4). The narrator is describing a depression ..
(1).