The Sad Reality of US Foreclosures

I encourage you to watch this video, and please make your initial comments below…

It is shocking what is happening in the US!

US Home Prices Show Continued Weakness

Sometimes… seeing a picture is worth a thousand words.  We have all heard that the US is in a housing crisis… but the above photo puts another spin on it, and lets us really see what is happening.  Really makes you start to wonder when will the bottom happen for the US? Source:Bloomberg.com

Would love to hear your comments on where you think the US is heading!

Canadian Housing Market Unlikely To Tank Like US!

Canadian real estate markets remain “remarkably buoyant”, especially in light of the deepening housing downturn in the United States and the generally softening conditions in most other advanced economies globally, says a national report released Tuesday.

The report, authored by Adrienne Warren, senior economist at Scotiabank, said from a housing demand standpoint, “economic conditions still favour Western Canada, with its booming resource-based industries and extremely tight labour markets.”

“The odds of significant overbuilding, or of the price declines that are now occurring in the United States, are still relatively low. Inventories of unsold homes, including condominiums, in Canada’s major centres are well contained, particularly when compared with the housing-market upswing of the late 1980s.

The current housing boom in Canada is the strongest and longest of the post-war era, she said. Between 1998 and 2007, average inflation-adjusted home prices have soared some 65 per cent, easily besting the 32-to-56 per cent appreciation of the prior three housing cycles of the 1960s, 1970s and 1980s.

“The current housing upswing is going on 10 years, whereas the prior three cycles ranged from five to six years,” said Warren. “It has also outlasted the housing booms experienced in many other advanced economies this decade.”

Mario Toneguzzi, Canwest News Service
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