Hey, this makes up for the bizarre hack job over at the REIC-corrupted Palm Springs Desert Sun last week. Nice to see some MSM take notice of HP's little corner of The Internets eh? Maybe they found us using The Google? Thanks for the kind words Don, made my day.
DON MACDONALD, The Gazette Published: Monday, October 30, 2006
I have to admit to taking an unhealthy pleasure over the last couple of months in visiting an Internet blog called Housing Panic.
Written by someone claiming to be an American living in London, Housing Panic bills itself as the "Housing Bubble Blog with Attitude." It lovingly compiles every new piece of evidence suggesting there's a devastating crash under way in the U.S. residential real estate market.
Its author rages against greedy mortgage brokers, unscrupulous financing companies and people like David Lereah, chief economist at the National Association of Realtors, whom he holds responsible for helping to pump up the housing bubble.
Browsing through this material has made for some guilty fun, given the fact that we, here in Canada, seem to be well removed from the carnage in the U.S. real-estate market.
But the U.S. housing bust suddenly became a lot more real last week, and a lot less amusing. The U.S. Commerce Department identified it as a big factor in a dramatic slowing of the economy south of the border. The U.S. economy grew at only a 1.6-per-cent annualized rate in the latest quarter, the slowest rate in three years.
October 30, 2006
HP gets a fan letter from the Montreal Gazette
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41 comments:
The Montreal Gazette doesn't seem to have much of a clue what Vancouver, BC real estate is like. It's worse than where I live, in an overpriced by 34% real estate market here in the US.
Typical...
It's crashing, but not in my neighborhood...
These Cannucks thing it aint gonna spill over??
Keith
Is the picture a reference to the fact that I mispelled canadian as candian? Very funny if that was intentional.
The world is flooded with liquidity, and any country with functioning banks will have the same set of problems.
"Money never sleeps, Buddy Boy"
Congrats on the mention!
Well deserved.
David
Bubble Meter Blog
I hate that candy!
Many of us in Canada enjoy your blog immensely and we are keenly aware that a slowdown in the U.S. economy will have ramifications to our economy. After all, the U.S. is our largest trading partner.
One thing to note, however, is that Canada is running a budget surplus, our debt to GDP ratio has fallen from 75% to 40% over the last 5 years, and our economic fundamentals are extremely sound. This accounts for the meteoric rise in the Canadian dollar.
However, as the housing market crashes in the U.S., we will follow suit. We cannot escape the massive implications of a "tapped out" U.S. consumer. Vancouver and Calgary will be hit the hardest but other cities will also suffer. I live in Toronto and our single-home affordability index is at 51%. Not good and due for a correction.
Anyway, keep up the great work exposing the corrupt REIC. Your blog is a "must-read" on a daily basis.
Cheers.
Edmonton is getting bubbly too.
Bought a house for 200k in 2000 now would list for 500k. WFT? If I didn't have kids I'd sell and move east a province or two.
Duhhhhhhhh. The shift is attitude is going to cause belt tightening across the board.
Right, but if you can sell a house for 600 and pocket 400k in equity. Then go to a more rural locale and buy a beautiful new home for 300K, who cares if that 300K home falls by 50%? Duhhhhh
I'd do exactly that if I could take my high paying job with me.
Housing Housing, does everyone's Personal financial stability count on weather you can sell your house for more than you paid for it to make money? What happen to actually working for a living to make money.
Up until 7 years ago when housing was shit we all worked and earned our money correct?
Now all of a sudden world Economies count on housing to stabilize their spread sheets...crazy! and we deserve everything that is coming.
Gold up big today !!!
what will the Canucks do when 1 million + Mexi's start crossing their border looking for "work"?
"Housing Housing, does everyone's Personal financial stability count on weather you can sell your house for more than you paid for it to make money?"
- uh, yeah. and that's why we're f'd.
I love the Cannucks!
Anon 6:17:12,
Hopefully they will open fire on them!
Christina, love the photo of Julian.
Yes, Canadian cities are experiencing real estate bubbles too which are destined to deflate. However, I believe Montreal has not risen as much as places like Calgary and Toronto. Also, the strength of commodities in the coming years may give the Canadian economy a cushion.
The American economy? I live here now and am really concerned for my future and those of my friends here. I agree with the recent Economist article arguing that Asia will get along just fine without the American consumer. So what is to stop the USD from a steep decline? Sure, I'll finally be able to afford a decent house when the housing bubble pops but how will I afford new shoes, new furniture, a tv, or even gas in my car? Maybe my Canadian brothers will send me a barrel of oil of Christmas.
Gee! a whole arena full of 33% percenters, must have been a free Dollar giveaway, Masses of Asses.
Bush hits the road
http://tinyurl.com/yb2o82
This country has evolved into a shithole..Thank God for my dual citizenship as well as house and cash assets abroad.
Name of the game is to think and act like a corporation and the elite.
Use every loophole and benefit to enrich yourself, avoid taxes and leave the crumbs and tax burden to the great unwashed American masses. These Republican stupids deserve what they get...a life of struggle and mediocrity.
These Republican stupids deserve what they get...a life of struggle and mediocrity.
Republicans know that libs only give money to city slickers with high paying government jobs. The dems won't do anything to help middle America, only their base of Jane Fondas and Brabra Streisands.
Republicans know that libs only give money to city slickers with high paying government jobs.....
I resemble that remark!
bugsy said:
"Brabra Streisands"
Hey stupid...its spelled, Barbara !
Nope. Barbra
Hey metro, does the guvmint pay for your sex change operations yet?
"Its author rages against greedy mortgage brokers, unscrupulous financing companies and people like David Lereah, chief economist at the National Association of Realtors, whom he holds responsible for helping to pump up the housing bubble."
You make some good points in this blog, yes, but in raging against all these enemies, you develop your own little "conventional wisdom" orthodoxy. Conventional wisdom is wrong....
Bugsy,
I hope you have your antidepressant and valium prescriptions filled before next wednesday. You are going to need them.
Why, we still have the white house two more years.
Veto power!!
Metro, does dubya know that you slam the guvmint on the guvmint dime?
The public is finally waking up after a long sleep. They are waking up to the fact that our president is a moron, staying the course in Iraq is moronic (no mater what you call it), their house isn't worth what they thought it was worth and nobody wants their stupid condo in West Palm.
As I have said in the past, the free fall does not BEGIN until the cartoon coyote looks down and sees that he is 1000 feet above the canyon floor and is standing on NOTHING!
"You make some good points in this blog, yes, but in raging against all these enemies, you develop your own little "conventional wisdom" orthodoxy. Conventional wisdom is wrong.... "
Oh, I'd argue that HP is far far far far far far from the mainstream. Fringe, whacko, out-there, "lunatic" - that's what most people would say about HP still I think
When HP goes mainstream, it's time to buy houses again
"Want to make liberals angry? Defend the United States." Ann Coulter
Bugsy,
Ann Coulter is a nutjob right wing authoritarian and apparently so are you. Keep drinking the Kool aid.
Oh and it ois not "defend the US" Sheis talking about defending this administration. I love the US just not the current leadership.
Got a better one...
Why don't you Republican underachivers stop complaining because you can't afford housing ownership, get your fat, lazy big white asses away from the computer keyboard and join the armed forces. Then volunteer for Iraq duty to help out the troops you supposedly support as they're getting blown to pieces everyday while all you faggots are flipping the TV channels and stuffing your fat faces with shit food.
The army don't take faggots. Stoopid anonypuss.
Anonymous said...
Got a better one...
------
Keith says get a handle, or should we jusr guve you one?
Libtard, Democrap, or how about
anonopussy.
paul e. math,
Thanks! I am waiting for Julian to take up real estate study in the next season of Trailer Park Boys -- maybe have JRoc, Ricky and Bubbles steal granite countertops, sell them to the Sunnyvale residents, and Julian convinces them to add $50,000 CDN to the value of their trailers.
quoting Ann Coulter...I love how all Republican partisans always bring up in their support of Ann Coulter that she is "hot". That just shows you how sick and/or gay most of em really are, thinking the cryptkeeper is an attractive woman. Truly boggles the mind.
Personally, I don't believe Ann Coulter is female, but she is intelligent and conversational. And unlike Dr. Frankenstine and Randy Rhodes, she tends to make sense more often than not.
Regardless of how sound the Canadian government's fiscal state is, the housing price increase/inflation in Canada cannot be justified.
Remember, the Housing crash in Japan happened when Japan was running trade surplus and everything looked rosy.
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