If you haven't seen the latest Real Estate STATS you can follow the links on my sidebar. It looks like Inventory is up (as much as 46% in some areas since last year), Sales are down, but prices are holding, if not increasing in some areas.
The US Housing Market is still showing signs of getting weaker.
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More bad news for mortage lenders in the US. Another large mortgage lender is in trouble. See:
http://economicdespair.blogspot.com
Looks like Calgary's Sales are still going strong, so is the level of inventory. Still waiting on the Okanagan STATS to come out. Things are more laid back here.
Absolutely. Typical over the entire US. Rising inventories, lower pending sales, dropping or stagnant price. In Southern California we've had in some areas 45%+ year over year drops in sales. We are at a stalemate because sellers are still delusional and buying into the mantra that the summer selling season will bail them out.
Not sure if this is going to happen now that the cheap credit spigot is being turned off one by one. And, rates are resetting so the perfect storm is brewing. Q3 and Q4 will be the telling times.
As you know being in Canada, the housing bubble is global and not confined to one geographic location. This is a global credit crunch.
Dr. Housing Bubble
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