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US Foreclosures, Canadian Bankruptcy

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Foreclosures in the US took a 7 percent jump from June to July, and a 32 percent jump from July of last year.  The hardest hit cities are the ones where prices rose the highest during the boom.

Nevada had the nation’s highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah. Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.

While there have been numerous recent signs that the ailing U.S. housing market is finally stabilizing after three years of plunging prices, foreclosures remain a big concern. Foreclosures are typically sold at a deep discount, hurting neighbors’ home values.

Meanwhile here at home, personal bankruptcies in Canada jumped 51% over last year, and 9.1% month over month.  Where’s that decoupling theory when you need it?

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Bently

"Find a house rent for 1500 in Dunbar? What a ridiculous uttering by bias and stupid bears. Find me one and post it here and I will eat your **** or you eat mine."

Of course you don’t believe it, it’s inconsistent with your ridiculous position that you can’t loose by buying RE in Vancouver. We’ll, I’m sorry to confirm that it is real! And there are lots of houses available for 1500 to 2000/month in Dunbar – go look for your self – you don’t need me to confirm it. Have a nice lunch.

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Franco

Find a house rent for 1500 in Dunbar? What a ridiculous uttering by bias and stupid bears. Find me one and post it here and I will eat your shit or you eat mine.

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Noz

DAMN BENTLY!!!!

Supraboy just got his ass handed to him.

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Bently

"You sound like some fool living in a basement. Houses in the West side are renting for more than $4000 a month. GO find yourself a 50×130 lot size in the West side and see how much it costs to rent, you’ll be lucky to find one for under $4000 a month. "

Don't tell my landlord! He just rented me a really nice house in Dunbar for $1500 per month. The only catch is that all utilities are included (yes INCLUDED).

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Speak for yourself O

All this bull talk about rich [this] and rich [that] (replace this/that with whatever) that are going to save the Vancouver RE is worrying me a lot. Because if the situation goes south some ethnic groups here may go down in history as "the greater fools" or "as those who lost their pants to save their faces". So stop hiding behind the masses and speak only for yourself.

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No Longer Looking

There is no point in debating Supraboy. He is just a caricature, probably a bored bear having fun.

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oneangryslav

Supraboy: "Asian markets are recovering. Go to China and see what’s going on there. You sound like some fool living in a basement. Houses in the West side are renting for more than $4000 a month. GO find yourself a 50×130 lot size in the West side and see how much it costs to rent, you’ll be lucky to find one for under $4000 a month." You know, ad hominem attacks are the reserve of those who have no reasonable, or logical, argument. As for your contention that you "be lucky to find a house to rent on the West Side for less than $4000/month, it took exactly 35 seconds to find this: http://vancouver.en.craigslist.ca/van/apa/1321606… A five-bedroom, 3 bathroom (and 2 kitchen!) "spacious home" in Shaughnessy for 3200, which I'm sure the landlord would be happy to rent for 3000 or… Read more »

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Noz

SUPRABOY

Where are the foreclosures in BC you say?

Here you go:

http://www.cbc.ca/canada/british-columbia/story/2…

Needless to say, if you had half a brain, you'd realize that Canada's housing market has lagged the US model for about 2-3 years. Whatever happens down here, will happen over there. It's already starting to happen…but it'll get progressively worse. I don't expect you to understand that because you've already demonstrated that your depth of knowledge and understanding is lower than that of a Nat.

What does the government in Canada do to try and battle this? They increase your mortgage span to over 35-40 years…what a wonderful solution.

Stop smoking the pipe….

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realpaul

oneangryslav: What will happen to CDN rates under this scenario? Hmmmm? Elephants in the bathroom for CDN policy makers. The following by Jim Sinclair " Today's incoming emails exceeded the 1200 mark, a great degree of which are asking me what is the motivation behind a countdown of days for the USDX. There are various answers to this question of which TA is the least important. The primary reason for this "out on the limb statement" is that the recent China/US financial Summit meeting in Washington which was requested by China, was not significantly pre-planned. As I understand it there are two things wanted and one thing disapproved of. The US financial leadership wants, but more so needs, Chinese buying of US Treasury offerings to remain at these levels but more so to increase to offset the wholly unavoidable increase… Read more »

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Noz

SUPRABOY:

I hit the nerve didn't I….LOL.

I'm not going to give a big thumbs up to the economy just because people are flooding the malls. Down here in Los Angeles, people are driving around in leased Beemers and Benzes and Lexuses all over the place….you see how malls flooded with people here too…

This is the place where unemployment is at 12%, the number of foreclosures is second to none, repossessions of cars is skyrocketing, people are in debt up to their scalps.

Nothing you say is different there than it is here…we have rich Koreans, rich Chinese, rich Indians, rich Americans, etc…tell me something I already don't know…and STILL people are losing their homes left and right.

Go sell your bullshit to some schmuck who actually buys in to your drivel.

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Supraboy

About 37 NOZ, how is it not a fact? Where are the foreclosures in Vancouver? I bet you're living in your tent in Langley. Stay there since Vancouver does not welcome people who don't shave and take proper showers. You are probably one of those typical white boys who backpack in South America living in dorms for $7 a day wearing sandals with mosquito bites all over your legs. I got news for you, if you can't afford to travel or buy a house, leave your local internet cafe, save yourself a quarter.

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Supraboy

As I read this blog, I'm laughing so hard. Sounds like there are a lot of middle class wage earners here scraping barrels for spare change. Wait till the HST kicks in, you fools will have to rent in Port Moody or some other hill billy town like Abbotsford and commute all the way into Vancouver. It's good that rents and real estate has been jacked up to all time highs in Vancouver, this way, people who break and enter will have to commute a long way to get to my house since they can't afford to live in Vancouver. The next thing that should spike is oil prices, if it spikes back over $100 a barrel, robbers will have to think twice before robbing a house in Vancouver. Everyday when I watch CNBC, those idiot analysts are predicting a… Read more »

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Supraboy

38, Noz, you are OBVIOUSLY clueless. Go check out the shopping malls on a weekday, it feels like boxing day everyday. We've got the Koreans holding up Coquitlam, Indians lifting the fork on Surrey, Chinese holding up Richmond, and rich asians holding up the west side. If you are hoping for a crash, go buy a place in Burnaby or the East side where there are poorer middle class bums living in those areas. Have you checked real estate listings lately? Where are the foreclosures? You, just like the other bears here were screaming foreclosures and crash since 2 years ago till now. How much longer are you going to wait until you jump in? Asian markets are recovering. Go to China and see what's going on there. You sound like some fool living in a basement. Houses in the… Read more »

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oneangryslav

Very interesting article in the Telegraph on the latest prediction by one of the guys who called both the recent stock market crash and the reaction rebound, who is now predicting the S&P to go into the 500s, which would be about a 50% drop. This is what I'm betting on as well and will position myself accordingly. As of September 1st, I'll be 100% bearish in my investments (hell, I may even be more than 100% bearish, depending on how risk-averse–or stupid–I feel at the time. http://www.telegraph.co.uk/finance/markets/601807… Some snippets: …Britain's Uber-bear is growling again. After predicting a torrid "relief rally" over the early summer, Bob Janjuah at Royal Bank of Scotland is advising clients to take profits in global equity and commodity markets and prepare for another storm as winter nears. "We are now in the middle of a… Read more »

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Noz

REALPAUL: Bring on the clowns….. As for the big spenders….all plastic. I couldn't agree with you more. I posted on another BC realtor's site…BEST REAL ESTATE ANYWHERE by Rob Chipman…that Canadians are becoming just like Americans…or trying to be…particularly in the RE markets…it's a copy of what's going on down here in Los Angeles… You should have seen the reaction from a few idiots there. They were horrified and seriously offended that I compare Canadians to Americans. They started calling me a typical American…nevermind that I can't stand being the US. They claim I typified an ignorant American who knows nothing and is a snob, etc…funny as hell shit. I like Canada…I'd not mind living there…but one thing I'm noticing is Canadians can be extremely arrogant and full of themselves. The idiots on the other site forgot that Canada is… Read more »

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Noz

SUPRABOY: Post 10, I already have 2 houses you moron. Doesn’t it suck when I have 2 million dollar homes and I paid less than half for it 5 years ago? It is such a joke that people are trying to rent their crap condos for $400 a night. That I have to agree with. I am currently renting one of my houses for $4000 a month and I am planning to kick them out so I can rent it for $4000 a night during the olympics. if you don’t like the high prices here in Vancouver, get out of here and move to Ontario. Go join the unemployed and weep about life there, you might feel better. What moron would actually rent from an idiot like you for $4K a month? Second, this is the internet…I'm sure you own… Read more »

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Noz

SUPRABOY:

Post number one is a fact, and you people voted it down.

How is it a fact? What are you basing it on? One month of increases? With the same token, a 51% increase in bankruptcies in Canada could mean you're in deep shit…so which is?

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Noz

Can't stop Asia:

You think Canada's economy isn't tied to your neighbor down south?

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Aleks

I know of one couple who sold their house for about a million, moved to Halifax and retired 15 years early. That's how you cash in.

Buying an equally priced condo is like winning the lottery and then spending all your winnings on more lottery tickets.

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No-Lympics

Ralph Furley:

The "truth" (in either the form of statistics and anecdotes) is not listed in the Thesaurus next to " race -baiting ".

Race – baitng is for West Van NDP supporters.

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oneangryslav

No-Lympics:

"I was happy for my neighbour,retired, (even though they bought an $800,000 condo that wasn’t finished till a couple of months ago.) In my view, in the end it was a wash for them….they broke even, as they were caught up in the same overheated market now as buyers."

Wow, I just shake my head when I hear things like this. They could probably rent that same place for about 2000/month, which is 24000 annually, buy a whole lot of nice furnitue, a new car, and go on an extended vacation and still come back to most of that nest-egg intact.

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Wreckonomics

Supratroll, why the angry lies? You said before you live with your extended family in a house your parents bought.

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Ralph Furley

No-Lympics 30: Nice race-baiting.

On a more upbeat note, Roubini on Canada and the recession:
http://www.forbes.com/2009/08/05/recession-china-…

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No-Lympics

Re Asain buyers: This is a TRUE story: One of my neighbours had tried for years to sell his home on and off ( built in late 1970's ). Last year he put up a For Sale sign. It sold in 2 days. Background. His immediate neighbours were Asians that sold to other Asians. These new owners began to add on all sort of illegal additions to the house.(ie turn a front porch into an enclosed room ). I know it had no permit based on such things as no header (ie 2X8 or 2 X 10 ) over the new window, simply a 2 X 4 as a header on the flat.(YIKES !) I was not going to rat them out,none of my business,….. but was surprised they weren't caught, given a condo project was being built across the… Read more »

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realpaul

"see through" hi – rise imploded in Guangzhou. This is an area that has also seen 1/3 of all factories close this year. Hmmmmmm. Some end to the recession.

http://english.cri.cn/6909/2009/08/13/1461s508714…

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