Housing Bottom?
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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!!!!