Canada:
FRASER VALLEY HOME PRICES REMAIN STRONG
IN FEBRUARY
(Surrey, BC) – With greater choice available, Fraser Valley home buyers continued to snap up properties in February, paying on average seven per cent more for a single family home compared to the same month last year.
The Fraser Valley Real Estate Board recorded 1,308 sales on the Multiple Listing Service® (MLS®) in February, compared with 1,413 during February of last year, a decrease of seven per cent. LINK
US:
Bernanke urges banks to forgive portions of mortgages
By Peter G. Gosselin and Marc Lifsher, Los Angeles Times Staff Writers March 5, 2008
WASHINGTON -- Saying banks must do more to stem rising foreclosures, Federal Reserve Chairman Ben S. Bernanke called on lenders Tuesday to go beyond trimming interest rates on some troubled mortgages by cutting the size of the loans as well. LINK
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4 comments:
If someone told you, in 2006, that this was the future of housing you would have thought they were insane.
So what if someone in 2008 told you that Canada's housing market is going to correct?
Single family Calgary metro properties changing hands in February 2008 were 1,252, an increase of 15.6 per cent over the 1,083 sales reported in January 2008 but showing a decrease of 35.5 from the same period last year, when the sales were 1,942.
Single family Calgary metro new
listings added for the month of
February totaled, 2,981, a decrease of 1.4 per cent from January’s new listing of 3,023 and an increase of 35.1 per cent over the 2,206 new listings added in February 2007.
I wish someone would do a study as to WHY BC/Vancouver is the "last in and the last out" WHEN IT COMES TO RECESSIONS/HOUSING PRICE CORRECTIONS.
R U up for it?
There are probably many variables. As someone who used to live there, it is very beautiful to visit. You get used to the scenery when you live there.
It's a Port City that has a lot of foreign investment, higher incomes, etc.
But all that doesn't matter if the economy is slowing and RE Prices have risen above what people can afford.
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