TRIPLE RED ALERT!!! HOUSING MARKET IN TOTAL MELTDOWN!! PIN THIS!

Some areas are really strong and other areas are in a massacre... it's hard to make sense of it from a nationwide (no pun intended) perspective without really understanding the dynamics of each region.

One thing is for certain, assuming a gentle contraction of the economy, some areas are going to see it A LOT worse than others.

But that's probably not an intelligent comment, it's just important to keep in mind that certain structural factors are involved and there is a reason the places that are weathing this storm are able to do it.

I was sure in the summer of 2007 that a meltdown was imminent. The worst of it is, if they'd let it all fall then and put in some reforms, we'd be in the midst of a real recovery now.

The problem with bubbles does come straight back to a critical mass of stupid people though.

The housing bubble in Toronto and Vancouver is beyond even what California was at it's worst. Because there hasn't been a sharp drop yet like the one that is TOTALLY coming (thanks to all sorts of hidden Government supports they've delayed the POP for about three years now) people think I'm an idiot for my bearishness.

I felt like an idiot during the tech bubble too. I kept thinking how the fuck can someone invest in a 'dot com' whose business plan is to home-deliver $1 bags of chips or candy bars? What am I missing? What I was missing was the once-in-a-lifetime opportunity to con people out of millions and get away with it scott-free.

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What about the greed and selfishness of the multinational Too Big to Fail banks and corporations who got and continue to get bailed out, insider dealing, etc.,?

I think the private student loan industry is going to collapse in the US - basically lenders over the last 10 years or so were just throwing money at students. People run out of deferment or forbearance option with the private loans and are defaulting left and right. They are usually high interest loans and popular with the technical college.

I just watched some news program on MSNBC or one of those channels a few weeks ago profiling these people that are out of work and have like 200k in private and fed student loans. Their excuses were that education was more important and if they were getting an advanced degree, they assumed that any "new" job they would get would be paying shitloads of money and they would be able to pay their loans...now they are jobless with all these loans that are not dischargable in bankruptcy and they have no other option to default. Food, roof over your head or pay your student loans? Hmmmm.

Student loan defaults are gonna be the ultimate piece that brings the Jenga game to the ground. Mark my words.

Whenever I passed through Toronto I've always thought it was very over-built. Why would there be a need for so many high-rise condos, for example? There must be a lot of corrupt real estate deals going on in TO, to get all that stuff built. Factor in the government 'Breaks', various housing subsidies [really back-door payments to builders], etc.,

I've never visited Vancouver, but for a relatively small metro area, it also has an unusually high level of condo construction. Maybe there's some money laundering going on.

We aren't dealing with something you can just bail out with a printing press. This is a debt blackhole so big, it's lost a dimension and is now sucking the very fabric of society into it along with all the fiat money.

Student loan defaults are gonna be the ultimate piece that brings the Jenga game to the ground. Mark my words.

You nailed it.

There are laws against money laundering in Canada - FINTRAC - but there's a loophole so wide you could pilot the Starship Enterprise through it. All you need to find is a crooked lawyer to manage the transactions for you. That is it. And the Law Society, according to a relative of mine who works at one of the largest firms in the country, turns a blind eye to all of it.

There's always stories from real estate agents of all the 'rich Chinese' or 'rich Russians' or 'rich Iranians' buying up condos left right and center, though there are plenty of idiot 'young couples' doing the same.

Funny how you can spot something like that on a pass-through and yet millions of people who live here have no clue.

That isn't too hard to figure out.
Which cities have large defense/government related infrastructure and federal contracts?

Trust me, I know. When they were talking about closing the B-1 base in Rapid city S.D., people were ready to have a communal heart attack. War is a good thing for them. Keep ordering those bombs and bombers!

Wait till the Federal and State debt catches up with us, and money dries up. It's coming.

Student loan defaults are gonna be the ultimate piece that brings the Jenga game to the ground. Mark my words.

Same shit going on in Miami and South Florida. There are literally empty highrise condo buildings in Miami.

Numbers will go up as soon as the loan modification programs finish processing/rejecting current applicants.


Good find Hawk0!

When is that suppose to happen? They keep it hush hush.

blee.






just sayin.

When is that suppose to happen? They keep it hush hush.

RealtyTrac is out with the total foreclosure numbers for 2010. On the whole things are getting worse.

72 percent of major metro areas saw an increase in foreclosure volume. Although some of the worst hit areas in Nevada, California and Florida improved from 2009, the foreclosure rate in these areas remains shockingly high. If not for some foreclosure suspensions due to the robosigning scandal, these numbers would have been higher.



Read more: [link to www.businessinsider.com]

[link to www.businessinsider.com]

We are in the eye of the hurricane.....only this time we are going to get the worst side of the storm when we finally emerge.


This year is gonna be bad.

In Australia house prices continue to rise with Melbourne becoming the top 4 most expensive cities in the world as of last week...Average house price now over 600k..

Some areas are really strong and other areas are in a massacre... it's hard to make sense of it from a nationwide (no pun intended) perspective without really understanding the dynamics of each region.

One thing is for certain, assuming a gentle contraction of the economy, some areas are going to see it A LOT worse than others.

But that's probably not an intelligent comment, it's just important to keep in mind that certain structural factors are involved and there is a reason the places that are weathing this storm are able to do it.