Friday free-for-all

It’s Friday and that means its open-topic time here at VancouverCondo.info – here’s a few stories I’ve noticed this week:

– Maybe don’t invest in “construction loans
– Canadian economy losing steam?
– Bank of Canada: Credit crunch taking its toll.
– Mish Shedlock picks on Vancouver property values
– Housing market “the most significant risk” to US economy
– Could the crash of ’87 happen again?

What are you seeing out there? Post your news, links and anecdotes here!

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Drachen
Drachen
12 years ago

MichaelYep that's the definition. Really not subject to subjective analysis.

Michael
Michael
12 years ago

I define it as two consecutive negative growth quarters, which the US has not had yet.

Thumb Sore
Thumb Sore
12 years ago

Darachan,I am not in recession that was TRUMP,but tony put me in defence,so I had to explain that some time we can trust on each other.I am in Vancouver for sure where something happening like this……A representative for the company selling the units said they asked the people in line to go home. They even offered to make a list so no one would lose their place in line. But that wasn't good enough. People started to argue about how many condos they would be allowed to buy.So, in the end dozens stayed and camped out, although they established some rules. Olympics every dayThey allow each other lunch and bathroom breaks. But there's a warning — stay away too long, and you could lose your spot for Olympic glory.

Drachen
Drachen
12 years ago

Well if an "Expert investor" says so it MUST be true…Would you stop changing handles SATV and just pick one.Do you even know what a recession is? It's not a subjective term where someone can have an opinion on whether you're in a recession or not.

Thumb Sore
Thumb Sore
12 years ago

Tony Danza,seems like some one move forward in support for Donald Trump and Satv."Expert investor says U.S. now in recession""All other things being equal during the next six months, that's the way I will go,'' he said. "But if the Swiss franc goes through the roof, I probably won't put money into the ###########.I do not want to sell Chinese stocks. I want to own them forever." —

Jade East
Jade East
12 years ago

The CMHC insuring 0 down investments to those who qualify is one little push what other factors could keep this thing going? I'm wondering what the bulls would say are factors that will sustain increases into the future.

Michael
Michael
12 years ago

<a href="http://tinyurl.com/37euh2http://tinyurl.com/37euh2<br />Will that force Alberta oil companies to start laying off employees? I think they might in the short term as a knee jerk reaction but they still need all the people they have to get oil out of the ground, and they're still going to be making huge profits. If they do start laying people off, will that help sink the Alberta housing market? It was down last month, and that trend will continue and now this might help push prices down faster and further.

Adrian
Adrian
12 years ago
Richard
Richard
12 years ago
Richard
Richard
12 years ago
bullsrproductive
bullsrproductive
12 years ago

Strataman,yeah you can't have satv……..and best whishes.only god knows what's happening there in California,what did he say about valcano erruption,evacuation procedure,etc.Can't get that info from resteven's site.

Strataman
Strataman
12 years ago

michael "we just havn't found a trigger for it yet." For cryin out loud with people like SATV do you think this herd of bison would actually turn before they ran off a cliff? Vancouver is differant..stupider than most of the world! 🙂

Drachen
Drachen
12 years ago

Everyone always wonders where the money comes from. Here's at least a big part of the answer. My math is not 100% accurate but I think you can get the idea.If 5% of houses sell in a given year and the price increase is 20% over the previous year ALL houses are given a 20% mark-up by appraisers. Suddenly EVERYONE who owns property has more equity. The equity in this example city has gone up four times the actual amount spent on real estate! Banks loan people money based on their equity so they can buy more property at the new inflated prices and the cycle goes on and on.Until it doesn't.

Drachen
Drachen
12 years ago

"Do you think that this will happen pre or post Olympics? Is there anough dellusion in the market to keep it buoyent till 2010 dispite a worldwide slowdown?"I say no chance. I don't believe there's enough available money to keep floating things for that long, keeping the surge going requires tens or hundreds of billions of dollars each year (beyond what's already invested). The money supply HAS to run out.

CBB
CBB
12 years ago

"Is there enough delusion in the market to keep it buoyant till 2010 despite a worldwide slowdown? " Since the current conditions aren't based in reason they're not amenable to arguments from reason. Eventually something will shift and the unwinding will begin, but if I could time things that neatly I'd be a lot wealthier than I am.

trotter
trotter
12 years ago

HSBC Closing 30 Branches in Canada10.23.07, 12:36 PM ETTORONTO -HSBC Financial Corp. Ltd. is closing 30 of its 140 small branches in Canada, affecting 300 employees, as it tightens up its lending practices in the continuing credit crunch.Operating separately from HSBC Bank Canada, the loan company is a subsidiary of a similar U.S. operation that has suffered in the U.S. subprime mortgage crisis, spokesman Michael Edmonds said Tuesday.He said the firm is discontinuing its non-prime, broker-based mortgage services in Canada and is also tightening its credit policies as part of a "repositioning."Some of the employees affected by the closing, effective Oct. 31, will get other jobs in the company.

Chris
Chris
12 years ago

"The pop will come soon enough"Do you think that this will happen pre or post Olympics? Is there anough dellusion in the market to keep it buoyent till 2010 dispite a worldwide slowdown? What's the general consensus here?

misanthropic curmudg
misanthropic curmudg
12 years ago

we just havn't found a trigger for it yet. our ongoing credit problems will probably be the trigger…ya can't buy a house if ya can't borrow the money…..

Michael
Michael
12 years ago

Well you might refer to Vancouver as being "Hot", I think its bubbly. The pop will come soon enough, we just havn't found a trigger for it yet.

Drachen
Drachen
12 years ago

Ha Ha (Nelson laugh).Well at least people like him will soften the blow somewhat to the local economy when things collapse.Too bad he'll probably lose his business.

Thumb Sore
Thumb Sore
12 years ago

VANCOUVER IS HOT: and story is different here.A downtown Vancouver condo has sold for a record $18 million and it won't be ready for another four years. The buyer of the 48th floor penthouse is said to be a businessman from Oregon.misanthropic curmudgeon(.)getting stronger

Michael
Michael
12 years ago

CEO (Countrywide) Was 'Shocked'Mr. Mozilo told investors in September 2006 that he was "shocked" so many people were making the minimum payment. He called a sampling of borrowers to find out why. The "general answer…was that the value of my home is going up at a faster rate than the negative amortization," he said. "I realized I was talking to a group…that had never seen in their adult life real-estate values go down."Well its good to see the problems are now spreading to prime mortgages, and people can stop staying its a subprime problem.

Michael Randallbard
Michael Randallbard
12 years ago
misanthropic curmudg
misanthropic curmudg
12 years ago

CFC is holding almost 200K foreclosures…… nothing good can come of this

Michael
Michael
12 years ago

I can't wait for Countrywide to come out with their earnings for the quarter on Friday. For those that don't know Countrywide is the largest mortgage company in the US, and they have been taking a beating lately. I expect those earnings to be really bad and their forecast to be gloomy as well. I'm expecting there to be shock waves spread out from this report and expect a very down day on the markets on Friday.