FFFA! That was February 2013

Well, well, will you look at the time?

It’s Friday already!

And that means it’s time for our regular end of the week news round-up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

Sales plunge, prices fall
The Price Graph
The Inventory Graph
VHB daily sell/list stat data dump
A $10 Million price drop
You can still get a cash-back mortgage
What’s the deal with foreign buyers?
Heroic gov victorious over bubble
Flaherty worries for US style mortgage war
Time to short the banks?
US foreclosure timelines in years
Bubble Fatigue

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

Sort by:   newest | oldest | most voted
rp1
Guest
rp1
rp1
Guest
rp1

“The Fake House just dropped its price by $10,000,000”

You just can’t make this stuff up.

rp1
Guest
rp1

aaaaand we have a meme: http://i.imgur.com/KWqLb3r.png

rp1
Guest
rp1

“This house … thankfully…, does not exist, but you could buy … something …, for $28 million dollars. It used to be $38 million.”

rp1
Guest
rp1

One more (vote me down).

When we’re picking through the rubble from this, only to find that people embezzled money out of China, came to our banks and got a loan, with no proof they simply said they have a factory in China, and it all goes bust or it was bullshit, and taxpayers of this country are on the hook for all the bad loans – don’t ask me to pay.

– signed, anyone under 40.

G
Guest
G

– what happened to the $1 richmond condo?
– any status of last year’s Philip Chan’s kits townhouse?

CanuckDownUnder
Member
CanuckDownUnder

I came across a great tsurreal quote in a book on value investing I’m currently reading:

“In a Keynesian world, elites of any stripe tend to be arrogant, error-prone and insulated from the consequences of their regular and occasionally mammoth blunders.”

patriotz
Member

Like the world was any different before Keynes?

Short'em High
Guest
Short'em High

Before Keynes, we didn’t have Bernanke’s Picks TM:


Canada sees hefty February job gains despite slowing economy

The DOW also hit a new high simultaneously as the US jobs number, announced at the same time, showed even stronger than Canada.

For those following along, the next important Canadian economic reading is March 21, core retail sales. This is the same week as the FOMC, “Federal Overt Manipulation Committee” provides an update on the state of the ongoing tinkering with US dollar.

Loon
Guest
Loon

“Ditch the coffee own a home for $5 dollars a day at the Verve”
I love that ad, but I love coffee even more, try again.

foreclosure
Guest
foreclosure

So it appears there’s only 2 foreclosurein court today, unless there’s some non strata, looking forward I will track daily court sales and see if there’s a patern or a increase. Happy Friday

Anonymous1
Guest
Anonymous1

Over 50,000 jobs created last month.

This is bullish for housing.

real estate news
Guest
real estate news

we all know the stats are bearish. these bad numbers can’t be spun in any way whatsoever. the solution then, is to simply stop reporting the numbers. this is what the tv media is now doing. it’s the new reality.

Yellow Helicopter
Guest
Yellow Helicopter
Been meaning to share this for a while now, but have been pretty tied up with work… I went to the Home and Garden Show at BC Place on Wednesday the 20th of Feb – just over two weeks ago. Was pretty disappointed with it – was just a bunch of hot tubs, roof shingles and windows on display… I was about to leave when I wandered past the Main Stage, where they had the two people from that HGTV show Urban / Suburban talking. If any of you haven’t seen it, they are a brother and sister duo, both realtors, that try and persuade buyers to choose their properties. It’s mostly based in Vancouver. The brother pushes Urban, (all Vancouver,) and the sister pushes Surburban (usually Surrey, White Rock, Langley, etc.) Anyway, they were presenting, so I sat down… Read more »
Short'em High
Guest
Short'em High

Referring to @VHB’s useful PaulB data dump yesterday:

http://vancouverpeak.com/Thread-Historical-Dailies?pid=638#pid638

Here are top 10 listing day outliers. Are these all real data points?

Format is (date sales listings).

LARGEST 10 listing days since Mar.2010

2010-04-01 91 455
2010-04-07 364 537
2010-04-08 161 520
2010-04-14 233 463
2010-04-20 194 477
2010-04-21 329 481
2010-05-04 187 456
2010-05-11 219 466
2010-05-13 187 538
2012-04-02 125 450

SMALLEST 10 listing days since Mar.2010

2011-12-21 88 44
2011-12-29 54 35
2012-12-14 36 50
2012-12-19 47 36
2012-12-20 59 47
2012-12-21 53 64
2012-12-24 0 10
2012-12-27 87 41
2012-12-28 90 42
2012-12-31 0 16

arbitrage
Member
arbitrage

Re: the verve
That’s a 37.5% drop! It was $8/day on Monday’s ad.

Anonymous
Guest
Anonymous

….- what happened to the $1 richmond condo?….

Speaking of condos, isn’t it about time for the that penthouse at the corner of Burrard and Beach Ave. to be featured as Vancouver’s most expensive condo on the front page of the Vancouver Scum’s ‘Homes’ section?

It’s a regular recurring article, I mean Ad. Regular as the Vancouver boat show.

Jobs?
Guest
Jobs?

Looks like the TSX and the CAD took one look at the miraculous employment data and said “Yeah… right…”

An Observer
Guest

Can we declare this: “Homes for Laura McLaren to Sell Day”?

Here’s my submission: http://imgur.com/ixzmS73

suomynonA
Guest
suomynonA

Ha! Collect ’em all:

Let’s pretend this house is real and then let’s pretend it’s worth $38 Million $28 MILLION DOLLARS!

http://vancouverpeak.com/Thread-Imaginary-houses-for-imaginary-buyers

Remember, this town has an unlimited number of imaginary buyers with imaginary money who have an insatiable appetite for imaginary houses.

Sidelines
Guest
Sidelines

@An Observer – that is gold! Thanks for the nice, fulsome chuckle.

Turkey
Guest
Turkey

The Vancouver Sun posted a guest editorial from the Edmonton Journal entitled “On housing, is price wrong?”

I’ve been hoping someone else would rip the column to shreds on this forum. It’s misguided enough that I can’t muster the indignation to do it myself. Here’s a link.

Franco
Guest
Franco

Anon…#12

“This is bullish for housing”

I wouldn’t read too much into that. These numbers have a habit of catching everyone by surprise, which often turns out to be some sort of glitch or a reflection of part time seasonal work at minimum wage.

Anyway, the real consequence would be higher int rates which would be about the least bullish indicater possible.

Bag it and tag it
Guest
Bag it and tag it

Regarding the fake $28/38 million dollar house. I think the realtor made a mistake by using those fake pics. I’m sure 9 of every 10 folks with the coin to buy that house would take one look at those pics and move along, after puking a little into their mouth.

Groundhog
Guest
Groundhog

Canadian jobs data is very volatile. Small sample size. Last months #s were horrible, this months good. Its not paid as much attention to as the US jobs numbers due to this.

Either way, I think we’re in a lose lose situation for housing. Poor economy, lost jobs, bad for housing. Good economy, rising rates, bad for housing.

wpDiscuz