Friday free for all time:
-Why is Vancouver eating its young?
-A good time to lock in a mortgage.
-US home sales fall by largest amount on record.
-Bank of America dropping wholesale mortgages.
-Countrywide posts 1.2b$ loss.
-US home sales worse than they seem.
What are you seeing out there? post your news, links and theories here!
hey thumby – were you referring to the link i posted to that piece of garbage posted on msn.ca yesterday? the one written by the self-serving duo of CREA & Remax? Yeah, we should all listen to those pumpers.for the real story check out jesse's link to "mortgage meltdown" – imagine a journalist actually getting off his butt & talking to real live people about predatory lending & the state of the US economy. Who's running that chicken coop to our south really?
Jesse (from the link)Professor Robert Shiller says"first time USA saw this debacle in 1942" when USA Entered in world war-2.Now they are in war with terrorism,how ever they did not show the begining of video as seen on CBC that map structure to point out Natural Disaster and documentary of terrorism threat.
Here's the ABC page with links to the "Mortgage Meltdown" video. Not anything we didn't know.
From the CBC documentary1.EarthQuake(Natural Disaster).2.Terrorism Threat:Those two cause were base to the fall,which lead to the third cause,and that was a Subprime.All three reason were explain to Tulip Mania as a element that help form a bubble,and to Resteven that's where he was heading for in the "state of volcano eruptions"(California)some body sold him a fall,land slide,and wild firefor Canada please check article posted by ms-kids.
Canadian mortgage lenders seem to be going all out to ensure that we have just as big a problem as the U.S. How about a 5% down mortgage that's optionally interest-only and where you can re-borrow everything you pay!
Ok, Randallbard, you got me. Now go research the Carlyle Group or mysterious implosions or whatever turns your nutbar crank.As for fascism, your anti-immigrant rants will get you into the Idahoan gathering of your choice.
"they are not interested in buying over priced real estate, rich people don't get rich by doing stupid things."Sometimes they do…although they don't usually STAY rich long. You need to read Taleb's "Fooled By Randomness". Some rich folks are smart, some are just lucky. And there are a LOT of newly wealthy Asian specuvestors. I don't know for sure, but I suspect Vancouver is subject to an overseas investor RE feeding frenzy. Who knows when it will end, but the longer it goes, the worse off Vancouver will be. Already there is hardly any new commercial development going on.
By the way…..the real estate crash in Spain dwarfs the one in the USA, particularly Marbella
That CBC Australian Broadcasting System documentary on Mortgage Meltdown was fabulous. Too bad these wonderful programs are rarely ever seen in the USA for if they were Americans would realize just how hostile their northern neighbors really are towards their shameful predatory capitalist system. America and capitalism are dying and I'm spitting on its grave. Those who saw the show know exactly what I'm saying.
tulip….."Michael Randallbard: I sure hope you are wrong, but so far you have proven me wrong."I'm not here to prove you wrong LOL I'm here to prove freako is a fascist Bush loving propaganda artist but I have him on the run, always have. You see, I do my research๐
What we has millions of rich jet set immigrants landing here every year to enjoy the miles of sandy beaches. except for 1 tiny very small problem….. they are not interested in buying over priced real estate, rich people don't get rich by doing stupid things. the only thing that can save the market is a greater number of local buyers willing to do whatever it takes to buy in. will these buyers show up?
"More than $23.6 billion in California housing wealth will evaporate…."This appears on the news long after the big fish had collected their big bonuses & profits.
More than $23.6 billion in California housing wealth will evaporate if real estate prices continue to decline and foreclosures on subprime home loans soar, according to a new congressional report that indicates the fallout from the national mortgage crisis is worsening..""Things are getting exponentially worse," said Haveman, a principal at Beacon Economics in San Rafael. Home prices "have only now started to drop. They have a ways to go."However, we need to take this kind of news with a grain of salt. This is not going to happen in British Columbia, because we ran out of land sometime in the early 80's, we don't have an aging population, or sub prime loans, or a low savings rate, and we are not reliant on natural resources, as our economy is extremely diversified, and we are a world corporate headquarters.What we has… Read more ยป
oops… i forgot to tiny url:Today's pablum – most expensive palce to buy a house
Please someone put me out of my misery!!!This morning, front page msn.ca – more hype from the hypsters… data based on a "survey" by a RE company passed off as news. Full of "estimates" & "forecasts" – no analysis here, propoganda published as news, I shouldn't get so pissed about it, I know but I can't help myself.http://finance.sympatico.msn.ca/Banking/Mortgages/Most_expensive_cities_to_buy_a_house.aspx
Just a Heads up. Tonight on CBC newsworld they are airing a documentary call "Mortgage Meltdown". I believe that it's on at 10pm.
North America has six inhabited Islands?MichaelRandallbard, it's been a long wait since the 1970's to go off on your downfall of the USA conspiracy theories eh? I've heard all the same stories before, not exactly the same as the 70's but a lot of it rhymes.
When I say "serious inflation", I mean 70's style stagflation, not Weimar republic style. Have some common sense people. But in today's global economy, a falling USD would be very interesting, as the default reserve currency would be in trouble.
You're watching too much TV propaganda again.And you attend too many conspiracist conferences. The truth is sometimes hard to find, but you are the furthes from it of any poster I have encountered.They no longer have the power or control of their currency as most of it isn't in their hands. What to mean that it isn't in their hands. The vast majority of physical cash on U.S. soil. Of public, only 25% is foreign owned. Mind you, that is a large amount, and at the margin, it can have a huge impact on rates and currency, but your statement is a huge exaggeration.Patriotz has got it, I think. There are limits to badly you can screw people if you ever want their trust again.
I wouldn't and I don't. But my job doesn't depend on people buying cheap crap at Wal-Mart made by my countrymen, or higher quality carsPratriotz, as long as the Chinese want to, and can lend the Americans money at less than 0% real interest rates, things will continue on, but at some point they will realize that charging such a low interest rate to a debtor who pays them back in devalued currency is not a profitable business transaction.Remember they have to buy “inputsâ€ย to make the junk they sell to Wal-Mart.China is devaluing its way to trouble as Chinese inflation rate hits 6.2 percentThe only real advantage the Chinese have is cheap labour, but cheap labour is a temporary advantage in a technically advanced world, where the labour component is an ever diminishing component, as automation is becoming very… Read more ยป
"Fear not, investors! Cheaper money for speculative purposes will return. This is going to be a complex jumbled mess of bailouts. My forecast is for the bailouts to ultimate be at least $2 trillion, and perhaps as much as $4 trillion in magnitude. Misery will stand side by side with profiteering. Households will lose everything, while speculators in gold, silver, oil, natural gas, and other commodities will reap huge profits from investments"Jim Willie from the article above
patriotz….the US is not purposely devaluing its currency. They no longer have the power or control of their currency as most of it isn't in their hands. You're watching too much TV propaganda again.What is really happening now is Americas enemies (almost the whole world) has recently realized that the new fascists can be defeated on the computer screens of the Forex rather than the battle fields of Iraq etc. Most countries are sick and tired of the religious fanatics of the Skull and Bones pushing their weight around and trying to control the world and therefore are selling (no longer buying) American dollars and American debt. It's all over except for the cashing in for those who hold gold and have ridden the resource bull market for the past 3 years. The newest worldwide panic bubble will be gold… Read more ยป
tulip-mania…gold is headed to $2,000 an ounce within 2 years. Remember this prediction. It is now detaching from the CAD as well. The action is just starting and you're out "early" ……YOU CAN SAY THAT TWICE
The US housing crisis and mortgage debacle is early in its pathogenesis. My forecast is for another two to four years of declines, complete with scattered explosions like with subprimes. The subprime mortgage problem is highly visible, but in no way the end of the problem. Rather, it is the beginning. It is the portion which cannot be denied, but hardly the full extent.People are saying that Jim Willie is Americas top economist now.