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CNN Money is reporting today that the U.S. home foreclosure rate “spiked 112%” in early 2008, and the worst of it likely isn’t over, as some $362 billion dollars worth of adjustable rate mortgages will “reset” this year.
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Excerpt from a Globe and Mail story on Garth Turner and his latest book, Greater Fool . Garth Turner has some unsettling news for Canadians who've tied their financial future to their homes – every real estate bubble in history has burst, and
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The City of Cleveland is suing 21 mortgage lenders for damages that they claim to have incurred as a result of the U.S. sub-prime mortgage fallout. Cleveland Mayor Frank Jackson compares the resulting chaos to “ organized crime activity on neighborhoods,
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There has been a fair bit of talk and speculation about how the U.S. “credit crunch” may impact Canadians and our real estate markets. The Canadian Real Estate Association (CREA) has published a brochure titled; “A Credit Crunch Primer”
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Doug Elliot, publisher of the Sask Trends Monitor newsletter is warning that consumer spending has “gone into some kind of bubble that’s going to burst.” In a Star Phoenix story titled, “ Sask. Consumer spending expected to peak
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“While the Bank of Canada elected to leave its key lending rate unchanged at 4.25%, it will likely be the last time the central bank does so for a little while. In acknowledging that both economic growth and inflation has exceeded its expectations,
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For a seller, the obvious allure of an unconditional offer is the certainty which it immediately provides. In the past, unconditional offers were typically made in rare instances when the buyer has the resources to finance the purchase themselves and
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I was browsing a blog I frequent when I came across a reference to a post that appeared on MySpace.com from a 25 year old Saskatoon woman who just purchased her first home. I was moved by her excitement and very much wanted to leave her a message. However,
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CNN runs a program on Saturday afternoons called Open House, which touches on topical issues surrounding home ownership. This week’s program carried the title, Open House: Mortgage Meltdown and focused on skyrocketing foreclosure rates across the
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The Canadian government has tabled legislation which, if approved, would allow consumers to purchase homes with a minimum down payment of just 20% without any requirements to purchase mortgage insurance . Currently, anyone who purchases a residence with
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Mortgage amortization periods of 40 years are now available in Canada through many of the major lenders for both conventional and high-ratio mortgages. The changes are fresh enough that some of the big ones haven’t had the opportunity to update
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The Saskatoon Star Phoenix ran a story today on the front page of the Business section with the headline, “City house prices stable.” The story, written by Murray Lyons , Star Phoenix Business Editor references the national Century 21 fall
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