MP Garth Turner has a new book out called “Greater Fool – the troubled future of real estate“. He argues that the Canadian real estate market is due for a collapse similar to the one currently happening in the US.
He recently started a blog at greaterfool.ca that looks like yet another source of negative news about real estate markets in North America.
The following is an excerpt from his book blurb:
The timing couldn’t be better for Garth Turner’s newest book on real estate and its impact on personal finances. At a time when the
is clearly heading for recession, stock markets roil, a global credit crunch overwhelms banks and a climate crisis lurks, can the Canadian real estate market withstand the threat? Do we really think we’re immune? US
More than 400,000
families lost their homes last year and more than a million more are threatened. House prices have collapsed as much as 30% in some markets, amid predictions of another 25% slide. New home sales are down over 40%. There are 20,000 new, empty houses for sale in US Phoenix, streets of foreclosures in Californiaand desperation in . What happened? Will it hit here? Florida