titular void

source

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 Stage
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...

Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He is coauthor of The Tyranny of Good Intentions.

Things are getting wilder every day.

Has it been foggy, or is it just me?

not nanos

put yer mouse over the picky, and clicky, and it will get biggy.

Thanks to everyone for voting. I am gratified by the interest, and the discussion. I am so, because it seems that more people are invested in our social futures than not. I hope that those who are not interested in this election are visitors from other countries, and not Canadians (but then again, I am always interested in their elections, so why not?). I feel everyone ought to take an interest, because so much is dependent on what our governments (and agencies, like Health Canada, CFIA, BoC, CMHC, EI, for starters) are doing. A new Free Trade Pact with the EU if Harper is re-elected? (I'll get to that)

I have to disclose that I made the first answer on the poll @ There is an election?. I put the question about Obama in for fun, and I don't know if the votes are from American visitors who are actually voting for him, or people having fun back. Both are totally cool with me. Overall though, it seems that there is an interest, and so I will rant on as I can. Mostly, it will be a deluge of links, with some commentary (I really don't have a lot of time!) I like that the comments have been measured and reasonable too. I don't mind what your brand of politics, it's great that you have them! I like debate, so I will counter stuff like "a tax on everything", "he can't speak English", "she's a fat American who worked for Brian Mulroney"... you get it. I admit to being facile with my photoshop, but that was just the artist in me. Plus, it was funny! Harper didn't look sinister at all, he looked like a kid - all dressed up. My point is, let's not make slurs and such. Let's talk about facts, with links. I am obviously not too keen on Hapless and his henchmen though.

I'll toss a bone to those who just want RE, and do my best to illustrate how RE and this election are joined at the hip. And I will intersperse it with Vancouver RE stuff - 'cause I still care. Besides, it's only 3 more weeks, so house prices will only slide $15 G's or so. Inventory will start to swell even more, Foreclosures will start kicking in. Employment will be down a bit. A couple of projects will go into receivership, or be cancelled... Further, more people are going to vote for Obama, and the other two that didn't know there is an election (unless of course everyone is pulling my leg!) beat out the Survivor fan and CTV.

And that is why this is not Nanos (but here is a link )

Tomorrow: Debunking the Green Shift Prevarications. And Turning The Corner - Only To Find a Washed-Out Bridge.

Oh, and farewell to summer. Tomorrow there will be more night than day, and it won't be equitable again until The Waters of March. Sigh.

vote here

We are all wondering quite a few things these days;

What on Earth is going on with the financial markets? Down 1500 one day, up 800 the next. Why did the US bail out private companies to the tune of hundreds billions of dollars? Will this spill over into Canada?

The BoC ponied up with $12 billion the other day to stabilize things - hey! isn't that our money? What about the billions in ABCP that the BoC bought over the last while? Did we get that back? What would happen to us if the Gov't of Canada de-regulated banks? Would we be in the same mess? Are we headed for the same mess?

Steve Hapless promised some kind of tax refund, or a rebate, or a grant (or whatever the heck it was) to first-time home buyers, to help with the closing costs. Is this a good idea? Do the poor bastidges that bought at the peak with 0% down really want to subsidize my home purchase when I buy at the bottom? Is it just like a cash-back mortgage? Is it an attempt to re-ignite the flagging RE market? Will that save it?

Are we on the verge of a recession, or worse? Are tanking housing prices, volatile (to the extreme) markets, declining oil demand and prices (but not so much for gasoline), job losses, plant closures, and all that other wild stuff, just background noise?

I have some questions too.

The other day, I ventured into talking about politics, and I'm not so sure that is what you want to read about here. I did so because I am concerned about all of what is mentioned above, and more, and I think that our government policies are quite relevant to them. I feel like I am watching a train hurtling towards a washed out bridge, and the engineer can't hear me yelling to stop because he is asleep.

Are you glad to get more in-depth/background information on what the issues, and the candidates/parties' backgrounds? Do you like it that I stray from the narrow confines of inventory, prices, and such?

I don't want to end up just ranting at myself (the last time I did that, I ended up in a jacket with extraordinarily long arms), so I made a poll about the polls. Have your say!

Are you interested in the October 14th federal election, and do you want to read about it here?
	No, I'm not, and I wish you would stick to sell/list ratios and inventory.
	Mildly interested, but I don't think it matters that much. I just want to read about RE
	I'll make a decision based on CanWest Global's newscasts.
	Not that interested, but I enjoyed reading about it here.
	Very interested, and I would like to read more about it here.
	There is an election?
	I don't care what you write about., some of it I like, some of it I don't.
	I'm voting for Obama.
Free polls from Pollhost.com

mortgage poverty

pablo picasso - poor people on the shore (1903)

I came across a poll (results below) on my ISP's home page yesterday that asked about the amount to which people are mortgaged, and I was a bit surprised at the low levels reported. It is definitely a questionable result, as it is possible to vote as many times as you want, so things could be dramatically skewed. Further, there is no regional break-down, and the sample size was not reported. Interesting none-the-less though.

The poll disappeared today, but it is to note that they had a poll about the dispute between Rosie O'Donnell and Donald Trump (I haven't a clue about that) that lasted for five or six days. Weird priorities...

the poll

The hot housing market in Western Canada, in particular, has forced many to take on large mortgages. How big is your mortgage?

9% More than $300,000
13% More than $200,000
24% More than $100,000
31% Less than $100,000
15% I rent
5% I live for free with family

Is this believable?

Addendum -

Mohican has a good post on "liar mortgages", or "stated income" approved mortgages. When I was pre-approved (by a bank and a broker) I needed to supply my notice of assessment from Rev. Can. The bank offered me way more mortgage than I would ever even think of taking, and the broker was more stringent (or stingy?).

I do know someone who forged a T4 slip to get their first mortgage. He went on to foreclosure and divorce.

polling - no trolling

image from istock.com

I'm starting out 2007 with a new, untried feature - polls.

We'll see how this works out.

What will happen to Vancouver's housing market in 2007?
	Continued, rapid appreciation.
	Flat/stagnant./nothing
	Marginal declines (less than 10%)
	Notable declines (10% - 25%)
	Buyers' heaven (declines of 25%- 50%)
	Who cares? - I'm a bloated flipper - becoming more bloated.
Free polls from Pollhost.com