Why a soft landing would be bad for the economy.

Ben Rabidoux has an article in the Globe and Mail about ‘soft landing’  in the real estate market.

Check out the full article here.

His points mostly come down to this question:

If the housing economy decreases,  what will happen to all those jobs provided by building,  selling and furnishing homes?

.

My crystal ball works no better than anyone else’s; I have no idea where house prices will be in the future. But I am deeply concerned with the clear imbalances that this current boom has created. And that raises an important question: If we are indeed headed for a soft landing, and if the economy and labour market is negatively affected by a soft landing in housing as I believe the data suggest, will it remain a soft landing?

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Moivng to the States
Moivng to the States
7 years ago

It would be nice if someone can submit a press release with the Mac Marketing story
http://whispersfromtheedgeoftherainforest.blogspot.ca/2013/02/media-manipulation-you-decide.html

Waiting to exhale
Waiting to exhale
7 years ago

I have been following the MAC marketing solutions story the past couple of days without having a chance to see the actual video “news” reports. When I saw the CTV version I almost fell out of my couch. I know Amanda Lee. More accurately I knew her from about 8 years ago. She is from Taiwan not China!!! The CTV story clearly stated that Chris Lee was waiting for her parents from China and that she came to Canada two years ago. Based on her accent I do believe Chris is from China but not Amanda. The BS in this fiasco is getting better and better. I doubt they are actually sisters. On the other hand, I guess they could be sisters from a different mother/father. But I highly doubt it. But honestly, how hard is it to find a… Read more »

JD
JD
7 years ago

The Chinese have gotten wind of the overpriced real estate, relative to rent. You don’t have to understand any Chinese to understand the graphic on this page:
http://house.ifeng.com/news/detail_2013_02/13/22127448_0.shtml
If you do read Chinese, (or use a robo-translator) then things don’t sound so great here. Maybe Amanda Lee’s parents read this and decided not to buy here…

Short'em High
Short'em High
7 years ago

@wowsers Says:
…wait til CNY 2015 and they will still not be sold out even after 30% price cuts

30% will sell a few this year. By 2015, try 70% price cut to sell a few.

Groundhog
Groundhog
7 years ago

Dont you guys know in the long run housing is always a good investment, errr

http://www.zerohedge.com/news/2013-02-13/home-prices-are-back-1894s-levels

wowsers
wowsers
7 years ago

I guarantee that Maddox sold no condos over CNY, its like a ghost town those sales centers. None zero ziltch thats why these creeps are desperate enuf to fabric silly foolish news stories.

absolutely none, they are dreaming!

Just wait til CNY 2015 and they will still not be sold out even after 30% price cuts

vangrl
vangrl
7 years ago

there are some pretty funny comments on mac marketing’s facebook page, folks are starting to comment on all their posts:)

http://www.facebook.com/MacMarketingSolutions?ref=stream

BLISTINGAGENT
BLISTINGAGENT
7 years ago

“Last year at Maddox we experienced increased sales volume during our Chinese New Year efforts and this year have already sold a number of homes”

How is it possible for a 190 unit condo building to have increased sales volume over CNY for two years in a row? Things must be really dead most of the time.

good-format
good-format
7 years ago

seach on google, using amanda lee linkedin mac, the first item shows some thing like:

Amanda Lee – Canada | LinkedIn
ca.linkedin.com/pub/amanda-lee/43/27a/81
Vancouver, Canada Area – Administrative Assistant at MAC Marketing Solutions
Amanda Lee. Administrative Assistant at MAC Marketing Solutions. Location … Join LinkedIn and access Amanda Lee’s full profile. As a LinkedIn member, you’ll …

Bull! Bull! Bull!
Bull! Bull! Bull!
7 years ago

lol, i love the bearish comments being left on the facebook. Yeah, that doesn’t make all of you look like a bunch of weirdos. no, not at all 🙂

remember, facebook is for normal people. please don’t scare the children.

Many Franks
7 years ago

Heh, I’ll bet a lot of the regular bears have just outed themselves via Facebook likes and snarky comments. Apparently there’s blood in the water.

Crikey
Crikey
7 years ago

So MAC Marketing Solutions has admitted on Facebook that, “We do admit we should have been more transparent about the fact that a MAC Marketing Solutions employee was included in this story. We apologize for any misunderstanding that this may have resulted in.” In my opinion, two things now need to happen: (1) Now that MAC has admitted to this, the news stations that covered the story MUST MUST MUST air retraction/correction pieces ON THE AIR. I’m NOT talking some lame Facebook or internet posting, but a piece on the news that explains what happened. If CTV, CBC, etc do NOT each air such a retraction, such lack of action will be indicative of their complicity in the fraud (even if after-the-fact), as well as their contempt for the general public and their viewers. We need to write to the… Read more »

Keeping An Eye On The Pimps
Keeping An Eye On The Pimps
7 years ago

This is truly insulting to thinking Chinese people.
They too must feel infuriated when stereotyped as they are in the clip.

A bimbo portraying a grown woman, waiting for parents approval to buy a home on a timeline predicated by some superstition.
I would imagine in reality when a business plan is put into place by the Chinese that anymore consideration is given to the Year of the

Snake than Warren Buffet gives to the horoscope.

But of course as with any culture, there will always be plenty of greater fools.

Makaya
Makaya
7 years ago

@Keeping An Eye On The Pimps

And somebody followed up with:

“Last year at Maddox we experienced increased sales volume during our Chinese New Year efforts and this year have already sold a number of homes”
Could you please provide more factual details on that comment? Specifically, I’m interested in knowing how many sales you have closed in the two weeks prior to Chinese New Year, during the two weeks of CNY break and on the two following week, for this year and last year.
Looking at the situation, it seems that a bit of transparency on your part would be most welcomed. Thank you very much.

They are in trouble… lol!

Keeping An Eye On The Pimps
Keeping An Eye On The Pimps
7 years ago

Did anybody see this on the Facebook page?

“Matthew Black I was the CBC reporter on this story and feel some clarification is in order:

*Can you confirm that Amanda is the employee you refer to in the post above?
*Is Chris Lee (from the TV pieces) actually Amanda Lee’s sister?
*Is Chris Lee a genuine prospective buyer from China, or, is she also a MAC employee?

I trust you still have my contact information…”

https://www.facebook.com/MacMarketingSolutions/posts/539317876088443

Deception
Deception
7 years ago

So where are the planeloads of Chinese New Year home purchasers? Did they all lose their luggage or something?

VMD
7 years ago

Feb Sales so far (8 business days in):

2013: 674
2012: 876 (-23% YoY)
2011: 1125 (-40% vs Feb/11)

If sales for rest of the month continue to be -23% YoY, then there is a chance we get ~1800 sales (we do have 2 fewer business days this Feb vs last year).

Feb month-end (projected) sales:
2013: 1800
2012: 2545 (-29% YoY)
2011: 3097 (-41% vs Feb/11)

Gokou3
Gokou3
7 years ago

I suggest everyone goes to mac (false) marketing’s facebook page and ask about amanda lee

Short'em High
Short'em High
7 years ago

@Best place on meth Says:
…sellers pulling their listings is entirely false.

What would be interesting to know about listings is the breakdown of the beneficial owner’s occupation. In other words, how many realtors are listing their own properties while advising clients to wait for a “better time”.

Mick Murphy
Mick Murphy
7 years ago

like it or love giving something “likes” on facebook makes it more news worthy, so if you have facebook like this post where someone calls out MAC marketing and they admit they defrauded the public.

https://www.facebook.com/MacMarketingSolutions/posts/539317876088443

VHB
VHB
7 years ago

Here is February 2012: 1-Feb 38 305 12.5% 2-Feb 155 251 61.8% 3-Feb 122 249 49.0% 4-Feb 5-Feb 6-Feb 113 325 34.8% 7-Feb 140 281 49.8% 8-Feb 127 265 47.9% 9-Feb 85 229 37.1% 10-Feb 94 234 40.2% 11-Feb 12-Feb 13-Feb 133 314 42.4% 14-Feb 147 281 52.3% 15-Feb 112 254 44.1% 16-Feb 110 252 43.7% 17-Feb 148 225 65.8% 18-Feb 19-Feb 20-Feb 141 317 44.5% 21-Feb 22-Feb 135 239 56.5% 23-Feb 108 222 48.6% 24-Feb 112 220 50.9% 25-Feb 26-Feb 27-Feb 107 294 36.4% 28-Feb 179 294 60.9% 29-Feb 145 239 60.7% Here is February 2011: 1-Feb 210 350 60.0% 2-Feb 147 267 55.1% 3-Feb 104 267 39.0% 4-Feb 104 246 42.3% 5-Feb 6-Feb 7-Feb 93 283 32.9% 8-Feb 182 227 80.2% 9-Feb 204 326 62.6% 10-Feb 93 282 33.0% 11-Feb 121 281 43.1% 12-Feb 13-Feb 14-Feb 198 322… Read more »

Girlbear
Girlbear
7 years ago

Thank you VMD and Jesse!

VMD
7 years ago

@Girlbear
Jesse compiles the graphs monthly over at his blog:
Jan 2013 sales graph (with Feb projection) is
Here

Best place on meth
Best place on meth
7 years ago

Feb listings are higher than last year – 288 vs. 266

Sales of course are far lower – 84 vs. 124

Clearly, the bullshit the cartel has been peddling about sellers pulling their listings is entirely false, and another complete lie from the lowlife scum who are running out of places to hide.

Short'em High
Short'em High
7 years ago

@HAM Solo HCG Quarterly.

Therefore, it will be too late for those who are waiting to see losses exceeding previous guidance in a quarterly report before they sell. To make this trade one must follow the price down, just as it breaks.

BTW, July put options didn’t get any cheaper on the “good news” either. So the those cooked numbers were already priced in.