Ronan Lyons has a piece on his blog which is worth a read even though it’s not really anything majorly new in terms of what anyone with an interest in the economic well-being of Ireland should be aware of. He has pointed out that we’re losing a generation of young men to unemployment and education.
The [...]

One of the things which annoys me most about the current crisis is that the only way I can really get through it personally is to depend on the old reliable of “life goes on”.
It’s just I’m concerned at what’s going to happen before life goes on. I’m actually getting to the stage where I [...]

Down. Basically, down. How far down is the problem. I don’t know. And over what time frame, difficult.
But

falling incomes
general CPI deflation
increased property supply
increasing tax burden
increasing interest rates
increasing unemployment
collapse in inward migration
increase in net emigration

This suggests downwards in the short term.
On the other hand

government action by way of moratoria on repossession proceedings
government action on properties securing [...]