Vancouver Condo Info

This bit of news courtesy of local Realtor Paul Boenisch who shares market statistics on his website. November 2008 just saw a very sharp drop in the average sales price of single family homes:

Prices are falling sharply. Believe it or not the average SFH price fell 10% this month. Yes in 1 month. $745,778 for November v. $825,206 for October. The average has dipped 19% since March. It will be interesting to see if the benchmarks also make a dramatic drop.

Looks like our largest trading partner is now ‘officially’ in a recession as declared by the National Bureau of Economic Research.

WASHINGTON – A panel of the National Bureau of Economic Research said Monday that the U.S. economy fell into a recession last year.

The NBER says its group of academic economists who determine business cycles met and decided that the U.S. recession began in December 2007.

Many economists believe the current downturn will last until the middle of 2009 and will be the most severe slump since the 1981-82 recession.