The 7 must-know numbers of the week, starting with Steve Keen's harbinger of the housing bubble bursting

The number of consecutive  months house prices have fallen, according to the ABS. "The odds are that the rate of decline will accelerate in the next year," says economist Steve Keen, who sees the ABS figures as a sign that Australia's housing bubble is bursting.

The basis point cut that NAB will pass onto its mortgage customers after the RBA cut the official cash rate by 50 basis points on Tuesday. NAB was the first of the big four to announce its rates decision.  “Decisions on lending rates are not taken lightly, but we are determined to provide our customers with certainty through our commitment to stay the lowest of the major banks for the rest of 2012," says the bank. NAB's new standard variable interest rate will be 6.99%.

The basis point cut that the Commonwealth Bank, the second bank to move, will pass onto its customers after the RBA's 50-basis-point cut on Tuesday. The bank’s new standard variable rate is 7.01%.

The chances a buyer in a Pitt Town land release has of  winning back the outlay spent on a block of land once all the blocks are sold. "People say they will buy, but there is no urgency,” says the developer, adding that the block prices had already been cut by $100,000 to $200,000.

Westpac chief economist Bill Evans' prediction of where the cash rate will sit by the end of the year. Evans predicts two more rate cuts this year, saying the first will happen in August.

The price McGrath boss John McGrath secured for his Duffys Forest weekender. He bought it for $4.7 million in April last year.

The sale price for photographer Sean Izzard's Stanwell Park property. It was initially listed with $1.3 million hopes, which were revised to $1.2 million before its March auction.