This week there was the inevitable “relief bounce” after the turmoil of the previous seven days.

The term describes what happens when the City believes shares have been oversold and starts to snap them up in the hope of getting a bargain. After all, housebuilding stocks can only fall so far, can’t they?

But the bounce wasn’t very high. The City is still clearly unconvinced that the macroeconomic picture is favourable. So is Tony Pidgley, chief executive of Berkeley Homes – the only housebuilder in the black according to latest available results data.

“Everyone’s going to go away for the summer now and shares will bump along at the bottom for a while yet,” said Pidgley.

Berkeley’s share price has performed better than its peers’ owing to confidence in the wily management team and its relatively strong balance sheet. Nevertheless, the imaginary £100 we put on at the end of February is only worth £72 today.

Say it in a whisper, but our Barratt stake is worth £22 and our fictional investment in Taylor Wimpey now stands at £43. All this and nobody’s even called the bottom of the market yet …