Average house price in B.C.is $420.259 (wow)and now some analysts are saying that very soon there will be one hell of a pile of people who have mortgages worth a lot more than their homes.
That comes as no suprise to anyone who lives in the real world.
And they also say prices will continue to fall for a while yet, and the banks will begin raising long term interest rates soon.
This morning Flaharty said that we are NOT at the bottom yet, and there is more to come.
What a blood bath!

Overpopulation meltdown, environmental degradation meltdown, warmongering meltdown , through the roof energy prizes meltdown, financial irresponsibility meltdown, casino gambling style stock market meltdown, predatory lending meltdown, consumers spending on credit meltdown, mortgage meltdown, manufacturing jobs meltdown...everything is melting down, even the world's glaciers.

Flaherty is not guessing when he points to the dark at the end of the tunnel.

yah that's it promote the negative and ignore the positive, we live great lives don't let the media convince you that the world is coming to an end, so my house went from being worth $250k to now being worth $215k who cares it wasn't for sale in the first place

The end is neigh! Time to drink the kool-aid.

I love kool-aid.

I knew Jimmy Jones was still alive.

What pisses me off about the whole thing is, I have done nothing wrong in my life that should cause me any of the financial headaches that are sure to come. All because of other greedy people and corporations.

They F everything up and we pee ons are forced to pay for it. Total BS.

"An honest man is chased from 14 villages" (old turkish proverb)
http://www.youtube.com/watch?v=2I0QN-FYkpw

I wonder if it is time for people to sell their houses and rent.

The following is from an article posted on the Reuter's News web site on Nov. 12, 2008. The article is titled "Whitehead sees slump worse than Depression", and was written by Joseph A. Giannone.

NEW YORK (Reuters) - The economy faces a slump deeper than the Great Depression and a growing deficit threatens the credit of the United States itself, former Goldman Sachs chairman John Whitehead, said at the Reuters Global Finance Summit on Wednesday.

Whitehead, 86, said the prospect of worsening consumer credit woes combined with an overtaxed federal government make him fear that the current slump is far from over.

"I think it would be worse than the depression," Whitehead said. "We're talking about reducing the credit of the United States of America, which is the backbone of the economic system." Whitehead encountered plenty of crises during his 38 years at the investment banking firm and was a young boy during the 1930s.

Whitehead warned the country's financial strength is at risk due to the sweeping demand for tax relief and a long list of major government spending plans.

"I see nothing but large increases in the deficit, all of which are serving to decrease the credit standing of America," said Whitehead, who served as chairman of the Lower Manhattan Development Corp after the World Trade Center was destroyed during the September 11, 2001 attacks.

Whitehead, who helped make Goldman a top-tier Wall Street firm and led its international expansion, left in 1984 to become a deputy secretary of state under Ronald Reagan.

He warned that the country's record deficit is poised to balloon as the public calls on government for more support.

"Before I go to sleep at night, I wonder if tomorrow is the day Moody's and S&P will announce a downgrade of U.S. government bonds," he said. "Eventually U.S. government bonds would no longer be the triple-A credit that they've always been."

There are at least ten "trillion dollar problems," facing the United States, he said, including social security, expanding health insurance, rebuilding infrastructure and increased spending on green energy. At the same time, the public does not want to pay for it.

"The public is not prepared to increase taxes. Both parties were for reducing taxes, reducing income to government, and both parties favored a number of new programs -- all very costly and all done by the government," he said.

Large deficits can weaken the country's credit and increase its borrowing costs, which already constitute a significant part of funding to cover expenses. Whitehead said it could take "several years" for the current problems to be resolved.

Whitehead said he is speaking out on this topic because he is concerned no lawmakers are against these new spending programs and none will stand up and call for higher taxes.

"I just want to get people thinking about this, and to realize this is a road to disaster," said Whitehead. "I've always been a positive person and optimistic, but I don't see a solution here."

The following is the link to the article:

http://www.reuters.com/article/Finance08/idUSTRE4AB7HT20081112

Okay, we are dealing with a recession/depression. Did you eat today? Did you have a roof over your head when you slept last night? Does that sound like what was going on during the Great Depression? Think about it...so your house isn't worth what is was supposed to be a couple of years ago. What did you pay for it in the first place? And more importantly, how much of your own hard-earned money is invested in it, or is it mortgaged to the hilt right from the start?

Okay, willowynde, I'm with you. I got up today, walked to work, went to Cosco to buy some tables for our church, met for lunch at a restaurant, checked in with the kids, all were still alive, ate today and still have jobs. So, no recession or depression for me. How many others are experiencing the exact same situation? So, why behave as if the sky has fallen, the world has come to an end and all hope is lost? It hasn't happened to me. Or probably you, so what is everyone so worked up about?

We all should be thankful for where we live, how we live, the country we live in and the freedoms we enjoy. Quit belly aching, at least everyone on this site has a computer and probably a warm home.

In every situation it's important to see the positive side, the good in things and to have hope. That doesnt mean that bad things dont happen.

Home prices are far above affordability and they are falling and IMO have farther to go.

"The BC Real Estate Association says home sales are unlikely to fall much further."

uh huh - A big claim. How about some proof or at least some reasoning to back that up.

Time for everyone to take off the rose coloured glasses. Most of us have all been living like kings via credit and imaginary stock market numbers. The liabilities of the casino derivatives are coming home to roost and when the calls come in during the next few months, the true B.S. will show through. We lag the states a bit, so while we're still working and eating now, the fact is the states is set to crumble and nothing in Obama's arsenal will save them. This is world wide, lives will be lost, consumption will tank
and the world as we know it will change.
Hope to keep working, hope to keep the lights on, hope the natural gas keeps flowing.
During the depression people were much more self reliant than today.They had gardens, hunted, and could make their own clothes.
They didn't have the economic tools, or the social safety nets we have today. They also didn't have credit cards.
Hold on folks we're in for one helluva ride!

They sky is falling..... Ok you chicken littles out there.. Turn off the local news that had been misguiding you for all these years that pumps you full of fear and read some business news and get some real financial intellegence. Learn Bear vs Bull and know the differnce between an asset and liabilty and you will do just fine.