capitulation

I heard of Cameron Muir on CBC this AM, saying that Vancouver RE has corrected by 12% since March, and will correct another 18% over the next year. Wait a minute! Wasn't he saying earlier this year that price increases would moderate to 8% this year, and a bit lower the next? Now he is talking about a 30% correction. If we extrapolate the errors of the forecasts of the experts, we ought to see a 70% correction before this is done. Why does anyone even bother to interview these bobble heads? They have their heads so far up their arses... If it was me, I would be too embarrassed to get on the radio and make another prediction. And the interviewers... I would ask "well, you were so drastically wrong over the last 8 months, why should we give your statements any credence now?" Pulitzer must be weeping in his grave. Maybe rename it The Puh-leasitzer Prize, and award it to the most vapid "journalist".

I did my bi-monthly MLS search for all of East Vancouver today, and came up with 3 properties under $400K. That is a slight improvement over the one that I found last time. Pushing the maximum price up to $500K provides 35 properties - pretty much all of which are junk. The place that I wrote of on Oct. 10 has been "slashed" from $499K to $469K - not nearly enough.

The blurbs are not so over-the-top anymore; no real mention of heritage features such as original, cracked concrete walkways, and such. I found the place featured below ($419K), and thought the photographs to be simply weird.

Attention Builders or 1st time Buyers, cute 3 bedroom rancher on 41st/Earles in sought after Killarney area, renovate it to your hearts desire or build your new dream home, steps to all amenities, sunny south facing backyard/garage with lane. V727568

This wondrous house of character and fortitude comes with a door knocker and letter slot on a dove grey door!


A lovely, original fireplace (converted to gas!), with energy saving, candle-powered coach lights! These fine chattels are included in the purchase price!


Here is a close-up of one of the coach lights. The discerning value buyer will instantly recognize the antiquity of these features - as evidenced by the layers of dust. Sotheby's is interested!



There were 5 such pictures of the property. No over-view shot, no shots of any rooms, just fixations on mundane fixtures. Sad sellers.

I feel myself preferring (again) the fun of the housing crash over the over-all crash. It is easier to laugh.