CBC.ca had an unscientific poll (results pictured above) indicating that a whopping 64% were always against the Games Being Played. Are CBC readers more knowing than National Post readers? Are they more prescient than The Province readers? More cynical than The Sun readers? Who benefits?
That leads me to this;
I heard rumours of a possible criminal investigation around the whole Olympic Village debacle. There were a whole lot of "resignations" of City money people in City Hall since the municipal election. I have never had any doubt that there would be shenanigans around the Olympics. There are always shenanigans when billions of dollars are floating around.
So, those pre-sale flippers that thought that they can just walk away from their deposits and contracts are in for a surprise, the developers are suing for specific performance, and such, and will be flogging such units for what they can (25%-40% off to start...). The contract breakers will be on the hook for the difference, plus costs.
"...now many people who put down deposits at the market's peak are obliged to take possession of properties they don't want and can't finance because of tumbling values." link
Jayne sent me an e-mail with a link to this story. (thanks Jayne)
The Second StagePaul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He is coauthor of The Tyranny of Good Intentions.
Another Real Estate Crisis is About to Hit
By PAUL CRAIG ROBERTS
For a picture of the US real estate crisis, imagine New Orleans wrecked by Hurricane Katrina, and before the waters even begin to recede, a second Katrina hits.
The 1,120,000 lost US retail jobs in 2008 are a signal that the second stage of the real estate bust is about to hit the economy. This time it will be commercial real estate...
Things are getting wilder every day.
Has it been foggy, or is it just me?