Weekend Open Thread (06/04/08)
Apparently this is a boring site, according to Sitting Pretty anyway. Maybe it is kind of boring, well, I can only do so much.
Some stuff to think about:
- Housing market to sink after Games: Wait until 2011, Pomeroy advises first-time buyers.
- Vancouver sales slow to 2001 levels (hat tip to Vancouver Condo Info).
- Overdue Consumer Debt in the US is highest since 1992.
- TD Warning about Vancouver/Victoria Bubble ...from 2005!
- Huge Job Losses Set Off Recession Alarms. It's no longer a question of recession or not. Now it's how deep and how long. How reassuring!
- Should you buy when the price is high? On solid gound, courtesy Garth Turner, media darling/vilified scaremonger.
Thought for today? I wonder if declining condo prices are the mechanism that will kick a leg out from under the clown holding up this bubble. If condos drop, a lot of people who bought to "get into the market" to begin "building equity" will be unable to make that move up in the housing market.
Post your news, links, and anecdotes here. Okay, even insults, thank you Sitting Pretty for noticing and spending thirty seconds at my blog. You were the only visitor today.
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There is nothing wrong with the site and it brings something to the table that other sites don't. Your focusing on numbers and not necessarily opinions and anecdotal reports. As someone potentially looking at buying (though not soon) I appreciate hard numbers and need them to work from.
Thinking I'll go look at open houses this afternoon... See whats on the market.
I have prepared a slideshow that gives a statistical analysis of the condo market in Victoria. CLICK HERE to watch the show. You can use the pause button to stop autoplay so that you can manually step through the slides.
I am missing one piece of data for March - the official number of active listings at the end of March. I will update the presentation when the detailed VREB report for March becomes available on the Web.
Any comments?? Please post them here on Greg's blog
Roger
Not a boring site in the slightest. I look at it every single day. My husband who is a big states guy and loves charts and stuff loves this site. He is not big on people chatting about houses and weather and Olympics etc. he likes hard core info. Keep it up.
Thanks for the encouragement. I was being sarcastic as Sitting Pretty has invaded several blogs with inane comments, not that I mind because Sitting Pretty also seems to stir up some commentary.
I also am looking at buying, that is why I am interested in what is happening. I went to a couple open houses this weekend. Nothing special and the prices were unbelievable to say the least. I'm looking at the lower end of the single family homes with a 25 year amortization. I shudder to think of what is going on with the 40 year amortizations at the bottom end of the market. These people will have little to no equity for 10-15 years if the market dips. Not a pretty prospect a few years out when life circumstances start forcing some of these people to sell.
Does anyone have any insight into how much of the lower end of the market is relying on these mortgage products? It would give me some sense of how close this is to the reversal we are all waiting for.
I can't handle living in this basement apartment much longer!
I just completed a stats slideshow on the Greater Victoria townhouse market. This slideshow and all my other stats presentations are available in my Stats Gallery by CLICKING HERE. At the bottom of the page is an RSS icon if you want to keep up to date.
Let me know what you think or what you want added by leaving a post here on Greg's site.
Roger
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