Thats it! I’m cashing out all my stock and buying pre-sale condos in downtown Vancouver. US and Canadian markets had another stumble today on more bad news from the home-lending sector and fears of a wilting economy. Gold mining stocks lost their glitter today and sub-prime lender New Century Financial isn’t looking so shiny either. Just how the hell is a fella s’posed to get rich these days?
The Mortgage Bankers Association said delinquencies among all borrowers reached the highest since the second quarter of 2003. Government data also showed February retail sales rose less than economists forecast, spurring concern department stores and discount retailers will be hurt by the fallout from the home-lending market.
“I would be very surprised if it didn’t spread,” said Alex Motola, who manages the $2 billion Thornburg Core Growth Fund in Santa Fe, New Mexico. “The consumer is at risk again.”