US Foreclosures, Canadian Bankruptcy
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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August 13th, 2009 at 7:59 am
Who care about the US. We are interested in Vancouver, Where are foreclosures in Vancouver? I don’t see any. All I see is RE prices keep going up.
August 13th, 2009 at 8:18 am
The bankruptcies are just beginning as people finally run out of credit. There’ll be much more ahead, even if things don’t get substantially worse than they are already.
August 13th, 2009 at 9:01 am
The economy right now is very much like a drug addict. We are addicted to the easy credit, and are shooting up the artificially low interest rates. The central banks fear the withdrawal symptoms, so they are pushing evermore junk onto the street. We are fast approaching the day of reckoning, the economy will either OD or detox. Vancouver is just starting to get the shakes.
August 13th, 2009 at 9:03 am
The bankruptcy laws and related foreclosure laws are distictly differant in Canada from the US. The processes are far more drawn out and arduous. Why is anyones guess as all roads lead to Rome in the end. The taxpayer picks up the slack in Canada with CMHC absorbing most of the bad loans.
We in Canada are quickly catching up to the US levels of deliquency as underlined by the 54% spike in personal bankruptcies last month. Right now Canadians are being encouraged to bury themselves in debt to an extent which has no historical precedent. It cannot end well due to the fact that we do not control our destiny in the bond market and rates are being forced up if only by osmosis. Case in point is the continued weakness in the dollar)s) in overseas trade. That is a double edged sword that will serve the US deficit and force intrest rates up as the low dollar will begin to effect the reciprocity for counterpart balance of trade. Countries like China are far better equipped to win a race to the bottom of currency devaluation, it’s a game we cannot win.
Meanwhile we see the bullshit exposed again as jobs numbers reveal the ugly macro. Unemployed are still running at 500K++ and the numbers are being shielded by the shadow stats of the number of people no longer qualified and as such brushed out of the offical count. It appears that running out of EI weeks qualifies you for a new category, that is ” self employed’. What crap.
http://www.bloomberg.com/apps/.....zuTZ4KgoU0
We were told recently by the whores at Global that inflation was abating in food prices, really? I was shopping yesterday and I still see prices having doubled over last year. Is this the same tactic that is being used in the real estate industry ie: run the prices up 100% and then have a ‘sale’ at 10% off. In the clothing buisness thats illegal.
This bullshit of YOY comps being used have been effective in the running the FTB boobs but can it be sustained? We saw the hew and cry from the mob at VanCity when they raised the rates on lines of credit 2%. Is 2% going to break your financial plan? If it is , you’re in trouble. Ergo, I think this economic fallacy is tentitive and fragile. The government knows it but hides behind the chimera of hope that we can spend them out of the pickle they created. I continue to think that a meltdown is inevitable.
August 13th, 2009 at 9:04 am
in thailand now. seems the insanity is here too. Not sure if any fools are buying but condos are priced in the millions. seriously i could buy in hawaii which is much nicer for a fractions. Saw some interesting condo developments in vietnam too can’t remember the price.
August 13th, 2009 at 9:38 am
#5
What did I say. “other ted Says” confirms, Asia.
August 13th, 2009 at 9:51 am
Stocks rises as global recession wanes source: Vancouver Sun
As the recession wanes, one wonders if this will have a positive, negative, or insignificant impact on housing? Is housing a leading indicator or not?
August 13th, 2009 at 10:05 am
You fools and bears are fed the wrong kool-aid from negative news. Look at the stock markets and oil prices, it’s rocketing. Canadian banks pushing all time highs. Get in or get left out.
Go check out Holt Renfrew, lineups everywhere on weekdays.
If you don’t believe me, take a walk down Robson on Sunday. I hope it rains cats and dogs on Sunday, this way, you’ll see people suffer in shopping lineups and feel better.
There was absolutely NO sale or liquidation prices at the LV store yesterday and I saw a ridiculous lineup at the cashier. I am sure it was not for refunds.
August 13th, 2009 at 10:07 am
Post number one is a fact, and you people voted it down.
August 13th, 2009 at 10:29 am
Why don’t you sell your Supra and Buy already instead of sitting in your parents basement and trying to change the facts that the metrics don’t work and NA is on the down. It’s inevitable so get your head out of your ass and listen to people that have obviously been on the planet longer than you.
August 13th, 2009 at 10:31 am
Well, I guessed wrong.
A couple of posts back, I
mentioned a 12 unit condo complex near us…..The owner finally sold thier last 2 UNsold units. Then a 3rd unit sold. Then another For Sale sign for a 4th ….SOLD yesterday in 2 days before the weekend.
August 13th, 2009 at 10:33 am
Supraboy – Yes, we all know there was a rally this spring and summer.
We also know that at one point tulips were causing speculative line ups, and at one point people believed the dot.coms would manage to make millions with clickthru and no sales. Sticky trends and mob mentality shows nothing: there is either a fundamental value, or there’s not.
I don’t see anyone even TRYING to prove fundamental value anymore. If you attempted to show fundamentals – with data, not anecdote, and not relying on the fallacy “it is and so it shall be” – that explained that value, I’d listen. I just don’t hear anything approaching a real argument.
People lined up at Holt? That’s fine. If they’re using a credit card they can’t pay off immediately (with something other than HELOC), then they’re part of the problem, not evidence that things are fine. Yeah, credit is easy and people are binging. What does that prove? Living beyond means is a chronic disease that has few symptoms for many years until one day, when the patient topples over.
August 13th, 2009 at 10:58 am
Facts:
1. Downpayment percentages on the decline (CMHC)
2. Majority of recent buyers are first time buyers
3. Temporary low interest rates
Deductions:
1. This cannot be sustained
2. Buyers are entering the market earlier and earlier
Conclusion:
1. Another correction coming
It’s elementary, my dear Watson.
August 13th, 2009 at 11:02 am
Awen
Why do you assume people are living beyond their means just because you can’t afford LV.
August 13th, 2009 at 11:09 am
No-Lym
Are you now a believer in the power of Vancouver RE, never goes down.
August 13th, 2009 at 11:23 am
Re HST:
One columnist made a good prediction re Campbell’s future.
While I am not an NDP suppporter, Campbell seems to be exposing himself more and more as puppett for outside interersts.
The HST is the latest icing on the cake.
I am sensing (aka hard to miss) increasing distaste for Campbell, as even his support base is seeing him as a certified liar. After Harper bribed him with approx. $1.6 Billion …in comes the HST he said on record as he would not impliment. Obviously Harper knows most Provinces are weak finaincailly and will take anything resembling 30 piecesof silver. However, IMHO, this is the start of the Download onto Provinces Version 2.0 +. Harper will reduce funding to the provinces, claiming he has enabled/empowered them with more taxation powers.
Ya’ll remember Larry (DaVinci) Campbell ? Once he followed his puppetmasters in Ottawa under Chretien and got the RAV line shoved through, he got his Senate appointment as a reward.
Prediction is Campbell resigns soon after the 2010 games are over. This was what Bill Bennet did right after Expo 86, left on a high note. I think Campbell is scared shitless re the BC Rail case as well, not the mention what the FINAL Olympic bill will be.
Campbell’s party will have 3 years still left in office, and Campbell can avoid the HST heat and let his party handle it as they choose a new leader. I ‘m not sure who will take over, but I hope it ain’t Kevin Falcon. Maybe that’s why Campbell gave him the contentious Health Ministry, to politically neuter him.
Campbell has been an agent for the vested interests, but is now a spent force. Watch for more BS agendas shoved down our throats before he bails with the middle finger .This is all one master plan if you connect the dots.
August 13th, 2009 at 11:34 am
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.
August 13th, 2009 at 11:36 am
I find these deliquency stats interesting. That and the fact that building starts are still low despite the Summer bounce.
“The Canada Mortgage and Housing Corporation released housing starts yesterday for the month of July and it was in the news across the nation. Vancouver saw a measly 516 housing starts during the month of July.”
http://housing-analysis.blogsp.....tarts.html
Low building starts signal to me that developers are bearish on RE for the next couple of years. I wouldn’t be surprised to see the deliquency stats continue increasing in 2010. As lines of credit run out for ppl and construction job losses get worse post Olympics.
Anyone else noticing increases in rental prices on Craigslist. I watch Langley and have noticed that there seems to be slimmer pickings then a few months ago. With just a lot of garbage for rent for really high prices. Not as many townhouses and houses for rent. Mostly just overpriced condos and tons of wierd suites. I saw one “suite” where you needed to share the bathroom. Ummm that person should be looking for a roommate not advetising a suite. Just lotsa wierd stuff like that. Wonder what’s up.
August 13th, 2009 at 11:42 am
okay I take that back about Langley rentals. There’s some better pickings today. Must have just been a slow weekend or something.
August 13th, 2009 at 11:51 am
Bring on the clowns.
“More E-Coli in beach sand than in the water” says study. I was lambasted for pointing out the sad fact that waterfront condos in Vancouver and the sandy shit soaked fringe beaches that supposedly attract the buyer are akin to drinking out of the toilet bowl at a public restroom. It appears that I’m right about the shitty water and sand thing. Playing or laying in the sand at English, Kits etc., is just the same as spreading the cat litter box out on your carpet and rolling around in it. Van-Disgusting !!!
http://www.theglobeandmail.com.....le1248992/
As for the big spenders at Holt…guaranteed it’s all plastic. The stats don’t lie, personal indebtedness is at all time highs. Personally I have no envy for people who rent money from the bank for cars, clothes and houses, thats just ‘dumb money’ and everyone knows it. Like they say “who are you trying to fool?” The current debt ratio in Canada was recently released as 154%, and that was 6 months old. The 2% rate hike at VanCity caused tens of thousands of people into default (which is the real reason why they pulled back the proposal)meaning all is not well in spender land.
If you can understand it, heres a very interesting interpretation on why the government is touting a positive spin on the stock market. Will it last, of course it can’t. The house is built on sand.
http://urbansurvival.com/week.htm
The short term thinkers that grasp at short term news from the media driven propaganda machine are obviously not good long term analytical minds. There are always boomlets inside bear markets, this is an example. You just need an attention span longer than a week to look at what happens when a macro trend develops. The big picture is obvious to those who can see it.
But feel free to load up on cheap shoes and handbags if thats what you need to make an impression on people who don’t give a shit about you in the first place. You know what they say ” Big car , small d**k”.
August 13th, 2009 at 12:12 pm
other ted:
OT, I spent a lot of time in the kingdom over a thirty five year period. It is a land of contradictions and a great many interesting things. But, watch out for the many scams perpetrated on the unwary farang. For example the Duty free airport kiosk scam,
http://www.bangkokpost.com/for.....amp;t=3280
and try not to use a credit card at any small stores. There is a perasive attitude amognst Thai’s that it’s open season on ripping off foreigners.
Have a great time otherwise.
August 13th, 2009 at 12:14 pm
When the headlines read “recession is over” it’s time for me to get out. Liquidated all my stocks today, happier sitting on cash. I have a bad bad feeling about this winter.
August 13th, 2009 at 12:20 pm
Please stop responding to Supraboy.
They post inflammatory stuff for a while
and then back off for a little bit and then
return to inflammatory postings. Dull repetitive
unimaginative sad troll behavior.
August 13th, 2009 at 12:29 pm
X Can’t stop Asia Says:
August 13th, 2009 at 11:09 am
No-Lym
Are you now a believer in the power of Vancouver RE, never goes down
========================
I don’t know the selling prices of any of the 4 units. As I mentioned before, 2 UNsold units sat for 8-10 months. If there were Cash Asian buyers, what happened? Golden opportunity to get a better deal prior to the faux spring rebound.
Logic dictates thats its all herd mentality fuelled by cheap fiat money. It transcends cultures, but given those of Asian background increasingly represent the demographics,…they will be a major RE force. Recall that pre-sales was a phenomenon imported from offhsore(such as Hong Kong ), but one many were used to. It was like buying mining stock before the results are in. Unfortunately, many locals had no choice but to compete with pre-sale buying sight unseen.
The irony re pre-sales is that banks wanted them in order to be assured a projects viability,(ie X% of units must be pre-sold for the project to achieve financing ) yet at the same time the banks offered such low rates, and created so many leveraged buyers that under historical banking practices would,never have been able to purchase hence not flood the market, ,thus the banks have shot themselves in the foot by creating an oversupply and a looming flood of foreclosures. Insanity !
Given Pre-sales became an entrenhced way to finance and build, the only way to keep this golden goose alive was to re-write the economic rules and as demand went up the lower the cost of borrowing , lower downpayment, if any. The corollory of this type of logic would be that if demand went down, borrowing costs would go up ?
CONSPIRACY?
Given all I am reading recently, the Gov’t is simply in some symbiotic relationship with the banks . This relationship is to use the banks to spread fairy dust and stop revolution by manipulating the facts that all is well on the economic front. In this devil’s bargain, The banks and mortgage brokers get fiat money to lend out and all the nice fees and other fiscal residuals that come with it. This is their lifeblood.
They do not care about the inevitable consequences, their souls are washed clean via the Canada’s version of Freddie Mac and Fanny Mae ie the CMHC. See, at minimum 2 degrees of separation…the CMHC will save them, NOT us. The CMHC has now been co-opted and corrupted as well.
NOTE: In one of Garth’s recent posts was an e-mail sent out by a lender to mortgage brokers outlining how they can’t lose. Lend the cheap money now…and how if its a short term loan(ie less 5 years), that is even better, they can get even more fees because the borrowers will have to renew within 5 years and thus be charged another fee.
These parties in power, whether it be at the Federal Provincial or civic level don’t give a rats ass about 99.9% of their constituents. They are in ” I’m all right Jack mode” making sure their salaries, perks and pensions are all in place and parachutes at the ready.
Harper may be in the best position, as my guess is Iggy knows the mess forthcoming and is scared of taking over and won’t force an election….or Harper can leave at any time and let others clean up the elephant poop…to the victor goes the mess not the spoils.
Globally, all political leaders drank the same economic kool-aid….all clones of each other,but has this neutered any opposition who don’t have any answers?, as they watch Obama being seen as a clueless puppett whose once smooth eloquence is replaced by confused stammering. IMHO, Obama has been a failure, he is becoming embarrsssing to watch…treading water on so many issues. His failed leadership is simply a template for other leaders elsewhere. I even said to others…uh oh there are smooth talkers, but this guy is way too smooth, a warning sign he won’t be able to follow through when the rubber hits the road.
We are becoming more and more in dictatorhip mode…democracy has been replaced by puppetts in Gov’ts on a global scale, and this recent global economy has made this perfectly clear. Not one leader has had the jam to admit it..they are all a bunch of whores.
August 13th, 2009 at 12:40 pm
#17
“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?”
Your grammar, syntax, use of slang, and unsophisticated form of analysis, all reveal your true identity as a young troll (regardless of the name you use to post). Every visitor to this site can deduce your status as fraud.
Several visitors and posters to this blog either own their residence or rental property, or sit on very significant stock, bond and cash portfolios. Equally prevalent are those that wish to own RE when the fundamentals make sense but who lack the funds, or those that are seeking an explanation as to why there is a visible disjuncture between Vancouver real estate prices and economic fundamentals.
However, it is uncanny how whenever someone asks an RE “bull” to support their “rationale” for continued price increases, or to outline their personal situation, they are all inevitably millionaires “owning” at least 2 or 3 houses. They predictably fall back on emotional arguments, which is juvenile and unsophisticated at best.
As many can attest to on this blog, true money never brings attention to itself. Of course, if one acknowledges their true identity as a basement dweller in their parent’s home, it takes a little bit of the air out of one’s credibility and “argument.”
August 13th, 2009 at 12:42 pm
realpaul:
Good read on CMHC scam in Gaths blog entry today
http://www.greaterfool.ca/
August 13th, 2009 at 12:55 pm
We Are All Anonymous Millionaires…: Love it !
August 13th, 2009 at 12:57 pm
Regarding the line ups at LV and Holts – trust me it’s all plastic. We have noticed an increased number of creditor’s calling our department in search of employees who have defaulted on loans and credit cards. There is one cultural group which is prominent and there is no need to reveal who it is as we all really know. On most of the calls we don’t recognize the employee name and soon we realized that they go by many aliases, making it more difficult to trace is my guess.
Another observation this past Spring & Summer is the BMW’s and Mercedes are disappearing from our parking garage and have been replaced by 15 year old clunkers. Guess the leases were up…or the “gig” is up.
August 13th, 2009 at 1:06 pm
“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/6909/200.....508714.htm
August 13th, 2009 at 1:15 pm
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 street which of course would be visited by building inspectors who should have noted code violations.
What I noticed as well was that these Asian neighbours seem to be involved in some sort of import business…as are many other Asian owners. One often sees 20 ft and 40 ft containers in driveways full of boxes being unloaded, like the house is being used for a warehouse.
Anyway..my caucasin neighbours wife said, “lets ask our new neighbours if they are interetested in buying our house”. They knocked on the door, and the interest was immediate. My neighbours wanted about $840,000 (which IMHO was really overpriced) yet they all haggled down to $800,000 in a very short negotiation , closed in 3 months .
The Asians had no clue as to assessed or current market value, they simply assumed itwas a fair price and threw money around. This all occurred in Spring 2008, before the RE meltdown. My guess is the Asians overpayed by $100,000 -$150,000 based on comparable sales. Or my neighbour got lucky fishing and the only fish out there was his immediate neighbour. What are the odds?
My caucasian neighbour had not one other offer, and their realtor was quite honest and stated she shouldn’t even have collected a commission, given her clients, the owners had done the work.
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.
However, this anecdote simply confirms my suspicions of unsophisiticated buyers throwing money around without doing their homework. This simply makes it worse for the rest of us…they don’t see the intricacy of the spider web like connections that come back to haunt us all.
(BTW BC Assessment will not use these anomalies and not apply these as comparables).
ALSO: We had a house a few doors down that was about a 70 year old run down rancher that got flipped 3 times in a year where the price doubled…we neighbours couldn’t figure it out….we felt it was a laundering scheme, given each new owner appeared to be a 20 something Indo Canadian in a BMW or other higher end vehicle..
August 13th, 2009 at 1:21 pm
No-Lympics 30: Nice race-baiting.
On a more upbeat note, Roubini on Canada and the recession:
http://www.forbes.com/2009/08/.....ubini.html
August 13th, 2009 at 2:13 pm
Supratroll, why the angry lies? You said before you live with your extended family in a house your parents bought.
August 13th, 2009 at 3:51 pm
No-Lympics:
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.
August 13th, 2009 at 4:03 pm
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.
August 13th, 2009 at 4:08 pm
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.
August 13th, 2009 at 5:25 pm
Can’t stop Asia:
You think Canada’s economy isn’t tied to your neighbor down south?
August 13th, 2009 at 5:28 pm
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?
August 13th, 2009 at 5:33 pm
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 two properties…we all do.
Third, BC is no different than anywhere else on this planet…you have the same issues economically as anyone else…it goes up and comes down.
Tell us…where do all these people in BC get their money from to “rent out” $4K homes and million dollar places when on average, BC residents make 30% less than people living in Los Angeles, pay more taxes, and have less jobs?
If you can answer that, then you can keep bullshitting…until then…you sound like a complete douche.
August 13th, 2009 at 5:40 pm
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 made up of the two most arrogant cultures in the world…the French and the British. How ironic for them to call me arrogant.
August 13th, 2009 at 8:51 pm
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/fin.....rkets.html
Some snippets:
August 13th, 2009 at 10:48 pm
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 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.
August 13th, 2009 at 10:55 pm
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 crash. Isn’t it too bad they pissed their pants when the Dow Jones was at 7000? I’ll start shorting the markets when the lemmings get sucked into a head fake rally. As for now, LONG OIL!
August 13th, 2009 at 11:00 pm
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.
August 13th, 2009 at 11:11 pm
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.
August 13th, 2009 at 11:25 pm
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 in offering of US Federal Debt.
The Chinese wish to see the USA support the creation of a Super Sovereign Currency as an offset to dependence on the dollar for international settlements and national reserves.
The Chinese rightly feel that the greatest risk to their present dollar position’s valuation is quantitative easing. or simply put, the monetization of one’s own debt by the electronic creation of money for funding yourself.
I am informed that Chinese interests want to see both in 2009.
You will note that the QE program was extended until October, particularly the end of October. This is what Bernanke would like to see, hoping the Management of Perspective Economics will succeed. The Chairman as the academic he is really believes it is possible.
As market related, I know MOPE works only when it has the wind at its back such as from 1981 until 2001. After that it loses it strength until it evaporates into reality and the law of economics such as now.
Quantitative easing cannot be curtailed in 2009 or 2010. To curtail QE as the US Federal Deficit explodes would be to release interest rates to the marketplace that could easily take them to late 1979 early 1980s levels due to a currency event.
The USA cannot support a Super Sovereign Currency. To do so would be to disavow the US dollar as the universal reserve currency which the financial leadership of the USA still adheres to, seeing this period as only an aberration in the constant.
The USA, due to market considerations, cannot yield to Asia and China as spokesperson for the BRIC on the two criteria required to remain as purchasers of the US Treasury instruments, which is the only real support the dollar presently has.
I have given you two tools for timing as well as other resources like Martin Armstrong who was at one time nearly unknown in our crowd.
Tools of timing, some I have not shared with you, indicate a major potential turning point that could easily see a break below .7600 or .7200 coming in the final quarter of this year.
Add this all together and you get a November bull’s eye for a loss of confidence in the US dollar internally as well as externally. That will end the misguided belief that MOPE, via its tool SPIN, defeats economic law.
Van Mises, Ricardo and Adam Smith have not been laid to rest by market manipulation. The wind is in the face of business now as a long-term trend. We are returning to basics and moving away from the fancy, complex and fraudulent.
All of this could have been fixed prior to the event of Lehman declaring bankruptcy. Now there are no PRACTICAL SOLUTIONS and NO PRACTICAL EXITS FROM CONSTANT QE.
Pandora’s Box is open, only to be closed by markets as the downward spiral goes to its practical end, a return to commodity money.
We, here, will be proven correct in time and in price.
Respectfully yours,
Jim
Let the fools be foolish. It would seem there are plenty of troglodyte megalomanics to go around.
August 13th, 2009 at 11:26 pm
SUPRABOY
Where are the foreclosures in BC you say?
Here you go:
http://www.cbc.ca/canada/briti.....sures.html
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….
August 13th, 2009 at 11:32 pm
Supraboy:
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.....06634.html
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 less. Doesn’t it suck, Supraboy, when facts get in the way of a good ad hominem rant?
This assertion of yours is simply not true. Nominal asking rents are well off their highs of last year and real rents are definitely down. Once again, those facts are inconvenient things, aren’t they?
August 13th, 2009 at 11:53 pm
There is no point in debating Supraboy. He is just a caricature, probably a bored bear having fun.
August 14th, 2009 at 12:56 am
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.
August 14th, 2009 at 8:45 am
“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).
August 14th, 2009 at 4:38 pm
DAMN BENTLY!!!!
Supraboy just got his ass handed to him.
August 15th, 2009 at 1:26 pm
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.
August 17th, 2009 at 8:50 am
“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.