Saturday, September 27, 2008

they are lining up again!

Breaking local news!

There is a line-up tonight in North Delta!

First new subdivision in 25 years in N. Delta! Would that make it Alpha? It might just be the Omega for the next 25 years.

There are 25 new town homes, starting at $319k for three bedroom units. One potential buyer gushed that: "it's the same price as a 30 year old fixer-upper in Burnaby" (not to mention quite a bit more of a commute). She also said that: "things have slowed down a bit, but they are going to pick up again!"

Uh huh. Like, fer shur!
The Priznidenshul Rumble

I saw a part of the first debate tonight (by accident), and I would argue that Obama will win. He has a vision to the future, and reminded me of RFK - if a bit condescending and arrogant, pragmatic, and unemotional. But that is requisite in an American President. It is interesting how "the left" in Amurika are so much to the right. I think that he took charge though, and as a disinterested on-looker, I think he is the better choice.

McCain has empty eyes, and has too much layed down in layer after layer of hurt. I have read that he is a classic figure for a Manchurian Candidate, and I can see it. Not that he is brain washed with Communist ideology, but he is shattered, and will likely have flash backs when the phone rings at 3:00 AM. I don't think that he has had a dump for thirty years. He reminds me of Ronald Reagan.

I would say that the Vice-Presidential debate will be more decisive. McCain has the look of a not so healthy. man. The guy is in his 70;s, or so, and to use the cliche 'Palin is a heartbeat away from being President', will not be lost on many. She is going to lose it for him, in my view. I don't know anything at all about Biden, and frankly, don't care much.

I have been over-loaded with our own scene, and have loaded a lot on you, the readers too. I have lots more to say, but I need to figure out how to abbreviate things. The manifestos that I have been writing must be as hard to read as they are to scribe.

Say, do you think that Okanagan RE is set to boom some more now that there are no tolls on the Coquihalla? Commuters will save at least two minutes, and 10 bucks each way!

Credit score required for a mortgage is up to 640 from 580. That is going to bite a bit.

It was exciting to find out something new about Lower Mainland RE though!


jesse said...

Actually I think they clawed it back to 620 from 640. That'll make a difference ;)

Anonymous said...

I'm alexcanuck, but Google's forgotten me!

If you want a better picture of the future of American politics, rent a movie called Idiocracy. You will bust a gut laughing as you watch it, then it sinks in and you'll have nightmares for a week.

Anonymous said...

What d'ya mean Solly? Where did the Coq toll go?


solipsist said...

jesse - I am not totally confident on the number that i supplied - I got it from CBC news, and was writing from memory, in the middle of the night. Nothing is going to stop the slide though, IMHO.

alex - I can use some laughs these days. I already know way too much about the future. I'll rent that though, because I am a curious person.

mk - Campbell announced yesterday at 1:00 PM that the Coq. is pretty much paid off, and that the tolls would no longer be collected as of 1:00 PM yesterday. The gov't will "lose" some $54 million a year from that.

He is starting his election campaign 8 months before the election..

Anonymous said...

I work in a very political field, with both BC & Canada and I can tell you Campbell started the campaign wheels in motion probably 3 months ago. He wants some deals and his henchmen are out making it happen right now but only for a select handful...


solipsist said...

He wants some deals and his henchmen are out making it happen right now but only for a select handful...

And isn't it always thus?

Anonymous said...

Much to my and probably your dismay, Ronald Reagan won. By a landslide.

And to his credit, McCain doesn't have a shred of Reagan's alzheimer's parkinsonian phoniness. McCain is not a brainless actor.

Take it from a depressed American; Obama will never ever see the inside of the Oval Office.

Not primarily because he's perceived as black, although that will have a lot to do with it with prejudiced white voters, and they are legion.

No, Obama will lose because he's basically a misogynist power-grubbing a-hole who beat a woman half to death to beat her through a door, and that doesn't sit well with middle America, the very same middle America who COULD have gotten past the fact that he was perceived as black.

Obama's an empty suit devoid of chivalry, honor, class, and most important of all, substance. Truth be told, without affirmative action, he wouldn't be all that bright.

McCain, while being all wrong, is at least authentic, and that's why he's already won.

Count on it.

Anonymous said...

i see 600 when i search google news with "canada credit score mortgage"


International Real Estate Blogger said...

Fantastic blog! good to hear positive news re Canada I have been reporting on very negative aspects of most international housing markets including our latest story which explains about middle class Americans sleeping in their cars after a very bad year of foreclosures.This article is the kind of story that we need to boost confidence. My overseas buyers know that its a buyers market and they want part of it but see the news headlines and are holding on to their savings. Once the confidence is back like in your blog they will be lining up for sure

CEO Marr International Ltd
Nicholas Marr

jesse said...

j6p, right: it's 600. Wow, these lenders must be doing good business at the lower credit score. The other change they made was eliminating the 45% TDS max and replaced it with a "principles based approach," whatever that means.

Also I believe the new schedule eliminates HELOCs from CMHC MI according to their schedule. Maybe I'm interpreting it wrong though.

The other clause I picked up on was that CMHC insurance is valid as long at the amortization schedule is not altered. If people are looking to refi in the future and prices drop to where they are in a little or no equity position, CMHC may have a hard time covering them.

The other clause that should be of interest is:

"if the borrower is self-employed the lender must have made a reasonable effort to assess the plausibility of the income reported by the borrower"

Very loose guidelines though maybe this is clarified elsewhere. This sets up CMHC for massive systemic risk from certain occupations (notably real estate and construction) that can currently state incomes based upon unrealistic expectations of future income (if the crash does indeed happen). I expect part of the weakness we are already seeing is surrounding Realtors that are finding it more difficult to state 6 figure salaries.

With the Conservatives at the helm, look for CMHC to be reined in even further in the next 12-18 months.

solipsist said...

Thanks for that clarification j6p, and your further commentary, jesse.

Once the confidence is back like in your blog...

What confidence? I am only confident that there are still some lesser of the greatest fools out there.

The negativity hasn't even really started yet.

Anonymous said...

When I first read this I thought it was a joke. This line particularly made me laugh "One potential buyer gushed that: "it's the same price as a 30 year old fixer-upper in Burnaby""

Well I phoned home to talk to my mother and she mentioned how my Dad was called in by a family acquaintance to help hime sell his home in Burnaby. The guy is in full panic mode as he already bought another house and he can't offload his house marked up 200% from what he paid 8 years ago. (I forgot to mention my dad is a realtor)
Anyways I mentioned to my mom how my predictions are finally coming true and I suggested he knocks off $100,000 to $200,000 off his price before this gets even worse.
My mom made me laugh she mentioned this story you posted as proof that the market is still strong.

God I hate to say it but some of the blindest people in this whole mess have been family members. My dad is the only one that somewhat agreed with me on this.