tag:blogger.com,1999:blog-22657184.post434821828958192884..comments2023-06-29T01:04:57.030-07:00Comments on Victoria Vision: Falling housing prices and bankruptciesBernardhttp://www.blogger.com/profile/15951619465188564252noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-22657184.post-73912380165044478912009-02-02T22:46:00.000-08:002009-02-02T22:46:00.000-08:00Bernard,I suspect many folks feel that they are mo...Bernard,<BR/><BR/>I suspect many folks feel that they are mortgage poor, have negative equity and now that house prices are declining they want out. <BR/><BR/>But they probably don't have any cash in reserve so unless the bank will give them an unsecured line of credit loan they can't sell. In the US some banks are letting the sale go ahead and eating the loss as a short sale.<BR/><BR/>Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-22657184.post-79499540230605033832009-02-02T19:19:00.000-08:002009-02-02T19:19:00.000-08:00I have been saying the market has been too high an...I have been saying the market has been too high and was going to see a serious correction locally in 2009. I was saying this back in 2005 already. In 2007 I suggested people sell their houses, rent something for a few years and by back in 2010.<BR/><BR/>There are those of us out there that could see this was coming, but we were a tiny minority. Even now a lot people are not really willing Bernardhttps://www.blogger.com/profile/15951619465188564252noreply@blogger.comtag:blogger.com,1999:blog-22657184.post-78124697819688250192009-02-02T17:46:00.000-08:002009-02-02T17:46:00.000-08:00All this was predicted years ago by those with com...All this was predicted years ago by those with common sense and no connections with the real estae industry. A crash in Victoria prices back down to 1998 levels, adjusted for 3 percent annual inflation since then, is inevitable, as well as the best thing that could happen to this smug and arrogant city. I'v elived here all my 47 years and have never seen such self-congratulatory conceit as a Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22657184.post-6675070359032856342009-02-02T17:19:00.000-08:002009-02-02T17:19:00.000-08:00Bernard,There is already a 2009 foreclosure:Court ...Bernard,<BR/><BR/>There is already a 2009 foreclosure:<BR/><BR/>Court ordered forclosure (Shelbourne/Cabana).<BR/><BR/>The house has a BC assessment value of $452k (2007) and was sold in April/08 for $517,750. Asking price is now $475k. <BR/><BR/><BR/>http://www.realtor.ca/propertyDetails.aspx?propertyId=7820389<BR/><BR/>I agree completely with your take on the situation. House prices are hphttps://www.blogger.com/profile/16627622069256508768noreply@blogger.com