Thank you for your informative post. Also to other posters here who so generously share their knowledge. This is one of the few forums in which there is intelligent discourse on the subject of real estate. In my lifetime, people have stopped attending church and now manifest their tendencies to idolatry in the form of granite counter tops.

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#51 Anon,

1)After the process of foreclosure has wound through the courts a judge issues an order to sell the property in question. The offers are sealed and acceptance by the court is based on the court ordered independant appraisal. This is based on a foreclosure judgement not a realtors sales pitch that a foreclosure proceeding is active or that a tax lien has been filed. Realtors are such scum, less than 1 in 100,000 would understand the proceedings.

2) If a divorce has remained unsettled then the claimants can apply for a court ordered sale.

3) If the public trustee ( shudder) is involved they will apply to the courts for the right to sale a property under the supervision of the courts. Say for example a person would have died intestate ( no will) or a minor child orphaned where the state would sell the childs estate assets to pay for support.

It could probably described 'more better' but thats generally the idea.

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Can someone tell me what a 'Court Ordered Sale' means? This a result of a divorce or something?

Thanks

Ps. love the blog/comments

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I agree; when you look at the amount of money that the US (and other governments) have printed recently, it absolutely pales in comparison to the amount of wealth that has been destroyed over the last couple of years. I agree with patriotz; this is not a repeat of the 1970s, for many reasons.

Remember, history doesn't repeat itself, but it rhymes…

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http://urbansurvival.com/week.htm

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http://news.yahoo.com/s/ap/20090519/ap_on_bi_go_e…

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"OTTAWA — Housing starts are expected to decline this year but recovery slightly in 2010 as the Canadian economy begins to recover, according to Canada Mortgage and Housing Corporation."

Ans Patriotz, I feel zero sympathy for those whose personal debt now exceeds their own ability to service it. We have see the debt service ratio go from outrageous to unbelievable, but now the savers and the taxpayers are supposed to subsidize it? Wow I'm living in an upside down world 'o madness. Isn't the personal debt ratio something like 130% of disposable income in BC. Nobody can ever pay back 130% entirely, you could only make payments, as debt slaves.

I think the call for 6% ties in with what I posted about pressure on the historically low yields forcing intrest rates up to double todays rate. Interesting tie in, is that gold is very strong against the dollar indicating continued dollar weakness. At what point do they devalue the dollar or raise intrest rates. If the global economy starts to recover that will stall the flood into treasuries and defacto force the governments hand.

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Back to the reason we're here.

http://www.cbc.ca/money/story/2009/05/19/canada-h…

"Canada's housing market to fall by double-digits in '09: CMHC

Rising unemployment have made potential homeowners reluctant to jump into the housing market. In addition, shrinking housing prices have made homebuyers hesitant to put their abodes on the market…Alberta and British Columbia are the two provinces where home values have experienced the biggest drops compared to their most recent annual peaks.

CMHC now expects the average price for a home in Alberta to reach $322,500 in 2009, down 9.4 per cent versus a peak value of $356,235 in 2007.

In the case of B.C., house prices will fall to $403,700 in the current year compared to a pinnacle valuation of $454,599 in 2008."

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My opinion is that we are seeing the set up for another rise in rates due to the undeniable inflation created by huge amounts of cash flooding the system.

I do not think it is possible for rates to rise even as far as 10%. The reason is the huge level of consumer debt. If rates rose that much consumers would simply have no money to spend because their debt servicing costs would skyrocket. Also wages can't keep up with inflation any more. Result would be a collapse in demand and deflation.

Essentially the deflationary effect of higher interest rates today is far more leveraged than in the 70's and 80's because of this. It took 18% interest rates back then to bring inflation to a halt. I think today they can't go any higher than 6%. But even that much of a rise would put our RE market back on track with Phoenix.

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