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May 27, 2008 3:28 pm
First quarter housing prices down 14% - biggest 1Q price drop in 20 years. Then surprise, surprise, home sales are "unexpectedly" up in April. Anyone feel like we are at, or near, a bottom in that market?
A guy I know owns a new car dealership. Over the weekend, he told me that they sold seven cars on Friday, and five of them were rejected for financing.A harbringer of things to come.
The housing market will go flat for a while then you will know the bottom has passed.Some people who bought in the last six months are upside down already!
Interesting , the situation in the U.S. , I suspect the consumer in Canada think they are immune to what happens to the south. Of course , the beloved Canadian Banks found themselves exposed to some " problems " with the sub prime mortgages in the U.S.Not to worry....the Banks have always been able to " stick it " to their customers with increased fees , higher rates on loans and whatever else they can do to recoup their losses. Does anyone remember when all these Financial Giants went after Loans to Third World Nations , knowing full well that they were not going to be able to repay the interest let alone the principle? These are the same folks that want your firstborn for a Home Improvement Loan!!!!