Yes, as Peacenik drives, and walks, and jogs, and bikes around the streets of Guelph, Peacenik sees lots of sold signs on houses. Some houses seem to sell very fast. Is the real estate market in Guelph in good health? At a glance it appears to be. But what happens to all the happy homeowners when interest rates go up a percent or two? What happens if a two spouse income becomes a one spouse income? What happens when its time to renew your mortgage?
Garth think a new bubble is being pumped up. No document loans. 100% financing. The government is so desperate to avoid reality that they are encouraging the same reckless behaviour that got us to the edge of the finanical abyss. How are all the out of work auto supply employees, and out of work Chrysler and GM employees paying their mortgages? With unemployment insurance? With credit cards? Peacenik says this housing bubble is leaking air....at a terminal rate. phzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Part deux
by Garth Turner
Is this blog a fraud? A brave anonymous poster suggested as much a day or two ago. People were “duped” into coming, he said, expecting the dirt on a real estate crash that never came. Obviously the guy is a wannabe vulture, hot to pick on the bones of the previous greater fool.
So, what happened to the bust?
The latest realtor numbers, trumpeted from its deathbed by the MSM, are sizzling. May prices hit the highest point in history – an average of $319,700, which means prices have rebounded by 16% in the last five months. Of course, the average number is inflated by sales activity in some of the country’s pricier markets, including a big condo dump in the Lower Mainland. A more meaningful median price was not provided.
Read on...
Garth think a new bubble is being pumped up. No document loans. 100% financing. The government is so desperate to avoid reality that they are encouraging the same reckless behaviour that got us to the edge of the finanical abyss. How are all the out of work auto supply employees, and out of work Chrysler and GM employees paying their mortgages? With unemployment insurance? With credit cards? Peacenik says this housing bubble is leaking air....at a terminal rate. phzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Part deux
by Garth Turner
Is this blog a fraud? A brave anonymous poster suggested as much a day or two ago. People were “duped” into coming, he said, expecting the dirt on a real estate crash that never came. Obviously the guy is a wannabe vulture, hot to pick on the bones of the previous greater fool.
So, what happened to the bust?
The latest realtor numbers, trumpeted from its deathbed by the MSM, are sizzling. May prices hit the highest point in history – an average of $319,700, which means prices have rebounded by 16% in the last five months. Of course, the average number is inflated by sales activity in some of the country’s pricier markets, including a big condo dump in the Lower Mainland. A more meaningful median price was not provided.
Read on...
