There’s an article on MSNBC today about the ongoing US housing market woes:
Housing developers are being squeezed by tighter lending standards for borrowers trying to get mortgage loans. In response to weak demand, developers are cutting prices and offering buyer incentives to cope with a mounting supply of unsold homes, the National Association of Home Builders said Monday.
The trade groupâ€™s housing market index, which tracks buildersâ€™ perceptions of current market conditions and expectations for home sales over the next six months, fell to 28, the lowest reading since February 1991, the NAHB said.
So much for David Lereahs thought from May 2006 that ‘this may be the bottom’ of the US housing slump. I have a feeling if economic reality hits the Vancouver real estate market you’ll be hearing a lot of that from local ‘experts’, and just like bears that say ‘a correction is coming’ one day they will likely be correct.