Thanks REBGV for the HPI numbers.
YOY - HPI price drops...yes that's drops.
Detached 5.2%
Attached 3.7%
Apartments 3.2%
Over-all = 4.3%
Sales down significantly from last year.
Lets see if the media pick up on this. Anyone who bought property for investment (lets say with 100% cash) will be down 4% from May 2012 plus expenses 1% or so, and missed income on the investment 1-2%. Add in any rental income - which runs 3% or so now. So they are down 4% on their money.
No one is going to bail with that sort of drop, but if and when it gets to a 10% people will be starting to look at getting out. Especially if the investment was not 100% cash, but leveraged up with a mortgage.
Waiting for the gap fill
-
*Mid-week market update:* The decline in the S&P 500 seems to have been
arrested at its 20 dma (blue line). The next question is which price gap
gets fille...
11 hours ago
Look at the numbers. HPI negative for almost all areas over the last 5 years. Whistler, home-of-the-winter-Olympics TM, decimated.
ReplyDeleteAttached down over 5 years in many areas.
Detached down in more areas every month.
The FVREB needs to take a leaf out of the page of the REBGV when they come up with their HPI numbers.
435 new
ReplyDelete272 price change
299 sold
7645 detached
9210 attached