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?