Heres a link to a link of a story – Calculated Risk has a post about an article in the Wall St. Journal about foreclosures in San Diego.
A surge of foreclosures over the past year or so has left lenders struggling to sell a growing backlog of homes.
At the San Diego sale, houses and condos typically sold for about 30% below the previous sale or appraisal prices. In a few cases, the discounts were around 50%.
… A glut of condominiums also is weighing on the market. Peter Dennehy, a senior vice president at Sullivan Group Real Estate Advisors, a research firm here, estimates that at the current sales rate there are enough condos on the market to last about 29 months.
I’m posting the link to Calculated Risk instead of the WSJ because there are some reader comments attached to the story about BC and Alberta markets that some of you may find interesting.
BC’s #1 industry is forestry which is in serious trouble. Population growth is the slowest in decades. The economy is being kept growing by real estate investment. “Everyone wants to live here” (note contradiction) and “This time it’s different” (2010 Winter Olympics) are religious creeds in BC. I don’t think I have to explain what that portends for the future.