Wednesday, September 18, 2013

And then some....

The US Fed blinked. Actually it did't blink, it closed it's eyes and assumed the fetal position.

After talking tough about backing off on buying the US Government debt (the definition of ponzi btw), it stood pat and said.."we will..we will...keep buying! forget what we said earlier this year".

Actually it worked out ok for me, as my poor preferred shares which had been beaten into mush caught a bid.

However it did bring interest rates down a notch now that everyone sees the Fed for the blow-hard-but-do-nothing that it is.

The Canadian bond market which is tied by it's apron strings to the US one also got a bounce and rates dropped.

Now how about September? What are we looking at. Well so far it looks to em like we are going to get some weakness in the HPI and averages for the month.

I see mid range homes (would be super upper end anywhere else) $1.2-$1.6 M selling for a 4-8 % below asking. Of course the asking prices are pretty crazy, made up numbers , but that didn't deter the delusional buyers before.

I have said before that if September didn't show some weakness that I would probably suspend or close this blog but it looks like you may have to put up with me a bit longer. 

10 comments:

  1. 440 new
    237 price change
    257 sold

    7334 detached
    8834 attached

    ReplyDelete
  2. Nice, keep on posting. I'm sure the lack of weakness in the summer months was clearly due to newbie buyers freaking out about rate increases. They will definitely regret that decision to buy in four or five years when rates are double and their homes are worth at least 30% less. I've told my friends for the last couple years tha in many areas of th GVRD will see 40 to 60% drops, but it won't happen overnight. Too many of these young home owners think since a crash didn't happen overnight it won't happen at all. I pity them, its going to be anguishing for them to see their homes drop slowly over the next few years and there won't be anything they can do to stop it. Too bad for them, they have been warned for long enough.

    ReplyDelete
  3. What? Did I hear you say suspend or close this blog.... and miss the coming crash next year. Hope you will stay.

    ReplyDelete
  4. 348 new
    167 price change
    229 sold

    7363 detached
    8842 attached

    ReplyDelete
  5. 322 new
    194 price change
    196 sold

    7374 detached
    8831 attached

    ReplyDelete
  6. A couple of big buys in West Van which will skew things. Both over $7. One HAM and local.

    BTW- I am going to be out of town next week, so no up-dated numbers or commentary.

    ReplyDelete
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