Real Estate in Canada to Plummet!

According to Garth Turner ( Former Minister of Revenue):

Garth Turner's Site
1. Eastern cities, including Toronto, will have markets fall another 10%, for a peak-to-Spring decline of 25%.
2. Albertan cities will decline another 10% as well, for a rout of 30%.
3. Vancouver will crash 20%, taking the average price down 25%, on its way to 40% prior to the 2010 games.
4. Montreal and Ottawa will decline about 12% by Spring from the peak, while Maritime cities will escape absolute reductions, and merely flat-line.
5 Condo prices will erode the most, especially in Vancouver and Toronto.
6. Flashy new landmark towers in those same cities will never be built, while in Calgary they already know the score.
7. Large builders like Mattamy, now desperately cutting prices by more than $30,000 a unit and giving away free cars, could see their business volumes fall by two-thirds.
8. Recent, equity-less owners will owe more than they own, and enough of them will walk to generate shocked headlines.
9. Interest rates will crash lower, but mortgage rates decline far less.
# Renters will trump owners.
10. Sometime next summer, maybe the fall, perhaps sooner, there will be major buying opportunity on certain kinds of real estate which have a sustainable future. More to come on that.

Financial crisis cost moves toward $20 trillion

Financial crisis cost moves toward $20 trillion
Posted Oct 28 2008, 06:27 AM by Douglas McIntyre


No one with an abacus, a calculator, or a mainframe will ever know what the global credit crisis has cost in real money. Lost jobs means lost tax revenue. Lost bank capital means a drop in share values. Government aid must be near $1.5 trillion when the US's $700 billion is added to what all other nations have put in to shore up banks.

The Bank of England reckons the cost of the near-collapse of the financial system is $2.8 trillion. It does not say precisely how it came up with that figure, but in the guessing game that hardly matters.

Looking at the issue from a simpleton's perspective, Citigroup has lost $200 billion of is market cap. The number for Wachovia is more like $100 billion. The loses to Lehman and WaMu shareholders are of a similar magnitude. By these calculations, investors in US financial companies have seen well in excess of $1 trillion go down the drain. Lost jobs are certainly worth hundreds of millions in tax revenue. Most of these out-of-work investment bankers were rich.

The fallen value of hedge funds cannot be tracked, but some of the larger ones such as Citadel are down by several billion. Investors in these firms may never see most of that money back.

The fallen value of real estate due to lack of a real mortgage rescue program must be well into the trillions of dollars, especially if that pool includes housing and commercial real estate worldwide. More liquidity would not have saved the real estate market, but it might have arrested its rapid decline. Banks getting capital from the US government are not lending that out again, defeating much of the purpose.

The Bank of England's figure is probably a multiple of ten times too low. A figure around $25 trillion would be more accurate.

Man Shot, Robbed of Final Paycheck on Day He's Laid Off

Is this what's coming when companies lay off their workers? The worst part about this, is he also had to pay taxes on the stolen money! He got robbed twice.


Man Shot, Robbed of Final Paycheck on Day He's Laid Off
Monday, October 27, 2008


DETROIT — A 37-year-old man who had been laid off from his job at a plant in Saginaw was shot in Detroit by a robber who made off with about $1,700 — the sum of the victim's final paycheck from his job.

WDIV-TV and the Detroit Free Press report Brad Mannie said he stopped Friday night at a store with his 12-year-old son. After they got back into their vehicle, a robber shot Mannie in the hip and took his wallet.

Earlier that day, the Inkster man had been laid off from his production and maintenance job at Stress-Con Industries Inc.

Despite the ordeal, Mannie says he's just happy to be alive.

Detroit police say a weapon has been recovered.

Government HOUSING FOR SALE-CHEAP!

Here is a site showing government housing for sale. These homes are between $10 and up. LIVABLE HOMES ARE AVAILABLE FOR AS LITTLE AS A DOLLAR TO $900 to a few to ten, twenty, thirty, and up. FREE GOVERNMENT WEBSITE list of thousands of government owned homes they are desperate to sell. Homeless? NOT IN THE USA!

GOVERNMENT HOMES

Here is a HOUSE FOR A $1, better than living in a car! 1188 Sq. ft.
Buy it fix it up and rent it.

$1 HOUSE