Bad morning America

Gee whiz! Newsweek just can’t stop stomping all over the US market. Here’s another article filled with gloom and doom about the real estate market there, seems like they’re printing one or two a day now:

..those who banked on rates remaining near the 4.6 percent lows of 2003, are getting some unpleasant shocks when their mortgage bills arrive in the mail. As their payments rise, many are struggling to keep up. Foreclosures and delinquency rates are rising. And with the markets cooling in many regions—existing home sales across the country have slipped for three months straight and new home sales nationwide have declining as well—there are growing fears of a looming crisis.

Aren’t you glad it can’t happen here? At least we don’t have the ridiculous volume of ‘creative’ mortgages. I do wonder though – is what’s happening south of the border going to have a tightening effect on the availability of credit here?

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Anonymous
Anonymous
14 years ago

pollyanna:I think with the market sputtering out in the states they'd be more inclined to invade and install a 'democracy' here. We'll just have to move the peace-arch border crossing to Alberta's eastern border as BC and Alberta become state #51 & 52.The good news? We'll finally have Taco Bell on every street corner!

Pollyanna
Pollyanna
14 years ago

I think that all those Americans that are worried about falling house prices will look to Vancouver and realize that the Olympics are coming, and Vancouver prices will surely only keep going up, up, up to the moon, unlike what is happening in their country.I predict Vancouver will become the darling of American real-estate investors — we will get so many immigrants it might even have an effect on the accent here!

Anonymous
Anonymous
14 years ago

..and if credit becomes harder to obtain what does that do to demand?Ruins it, thats what.