Housing

Canada has been one of the last housing bubble markets to crack. But, crack it has. The Toronto Real Estate Board reported that house prices crashed 13% from $434,022 on average last October to $376,896 this past October. With job losses…

The rate of decline in house prices in the UK is accelerating. Today the Nationwide released their monthly UK-wide figures on house prices and the numbers were fairly grim. House prices fell 1.4% in the last month alone, bringing the…

I have run several stories in the past about Canada's housing bubble because I have visited a number of Canadian cities over the past few years and all of them seemed to be building like mad. Vancouver and Toronto were the worst of the lot…

The S&P/Case-Shiller® Home Price Indices were released today. They showed a further decline in home prices in the United States through August 2008 (the data most recently available). In the year to August, prices dropped 17.7% for the…

The latest trend in the U.S. housing market is the move of problem loans from the subprime category and into Alt-A and prime mortgages. We have been sounding the alarm bells on this since about June. See the related posts below. However,…

The United States had been living beyond its means for a very long time before the credit crisis finally hit. The truth of the matter is that U.S. monetary and fiscal policy rewarded risk-taking and leverage at the expense of prudence and…

Apparently, John McCain did even worse than I thought in last night's debate. He and Barack Obama both failed to present a step-by-step plan as to what they were going to do about America's banking crisis. They both merely rehashed old…

If you want a good laugh, take a look at what Graham Norwood reports in today's Guardian. House prices in Britain are going to rise -- a lot! Apparently, he forgot that house prices are falling at double digit rates and we are in the…

Nationwide released its monthly survey of U.K. house prices and the results are not promising. In September 2008, the month-to-month of 1.7% matched last month's decline, but the annual change in Nationwide's index fell 12.4%, the largest…

The headlines about home prices are pretty dire, showing a record plunge in home prices of 16.3% over last year. In reality, it's not all doom and gloom. So, let's dig behind the headlines about the S&P/Case-Shiller Index released…