- Joined
- Oct 27, 2009
- Messages
- 1,210
If anybody cares. On 60 Minutes last night.
http://www.cbsnews.com/video/watch/?id=647...ain;contentBody
http://www.cbsnews.com/video/watch/?id=647...ain;contentBody
60 Minutes: Mortgages: Walking Away
- Thread starter Rickson9
- Start date
- Joined
- Aug 31, 2007
- Messages
- 570
It was a great show. The bottom in the southern USA housing market is still not there. Maybe the great wave of Canadians buying properties in Pheonix is propping up the market.
One of the great advantages of Real Estate, is that the property cannot move. So it hard for the sickness of Pheonix real estate to infect Canadian real estate.
The total lack of confindence in the local market is not surprising, considering the vast movement in house prices in the mid 2000. Hard for the sickness to spread.
Alberta had a similar situation in the mid 1980`s when homeowners could no longer afford the mortgage payments or the property was under water. Banks were forclosing in record numbers. While this was happening, Vancouver home values start to go through the roof. (It never really stopped since).
Multi family properties took a long time to return to normal (15 years), and this period saw a lot of landlords disappear and new ones grow quickly such as Boardwalk.
The big question, will the US banking industry learn anything from there current mortgage mess?
One of the great advantages of Real Estate, is that the property cannot move. So it hard for the sickness of Pheonix real estate to infect Canadian real estate.
The total lack of confindence in the local market is not surprising, considering the vast movement in house prices in the mid 2000. Hard for the sickness to spread.
Alberta had a similar situation in the mid 1980`s when homeowners could no longer afford the mortgage payments or the property was under water. Banks were forclosing in record numbers. While this was happening, Vancouver home values start to go through the roof. (It never really stopped since).
Multi family properties took a long time to return to normal (15 years), and this period saw a lot of landlords disappear and new ones grow quickly such as Boardwalk.
The big question, will the US banking industry learn anything from there current mortgage mess?
- Joined
- Mar 11, 2008
- Messages
- 253
Forbes magazine asked Local Market Monitor, a real estate research firm, to examine all 315 Metropolitan Statistical Areas, and identify those where home prices are still at least 10 percent above the point where home prices should be based on economic fundamentals.
Many of these locales have higher than average home prices because they are relatively small and their economies are dependent on a few businesses or a single industry. When those businesses run into trouble, the communities feel the pain.
Here are the top 10 places that Local Market Monitor identifies as most vulnerable to continued price declines:
1. Atlantic City/Hammonton, N.J
2. Provo, Utah
3. Portland, Vancouver, Oregon, Ore.
4. Glen Falls, N.Y.
5. Bellingham, Wash.
6. Flagstaff, Ariz.
7. Charleston/Sommerfield, S.C.
8. Eugene/Springfield, Ore.
9. Salisbury, Md.
10. Salt Lake City, Utah
Source: Forbes, Francesca Levy (04/27/2010)
Many of these locales have higher than average home prices because they are relatively small and their economies are dependent on a few businesses or a single industry. When those businesses run into trouble, the communities feel the pain.
Here are the top 10 places that Local Market Monitor identifies as most vulnerable to continued price declines:
1. Atlantic City/Hammonton, N.J
2. Provo, Utah
3. Portland, Vancouver, Oregon, Ore.
4. Glen Falls, N.Y.
5. Bellingham, Wash.
6. Flagstaff, Ariz.
7. Charleston/Sommerfield, S.C.
8. Eugene/Springfield, Ore.
9. Salisbury, Md.
10. Salt Lake City, Utah
Source: Forbes, Francesca Levy (04/27/2010)