Looking around the RE blogosphere, I sense an air of despondency.
One very useful site has gone off the air, another is hardly posting. Both are big losses to the bear community. Reading the posts on the various RE sites left open I see the same thing...'why isn't the crash happening already??'
Even while the crescendo of news and opinions all around the world is getting louder about our RE bubble and the consequences of it's bursting, one good list/day and we feel deflated. Deja Vu all over again. Once again a small drop in the market will be met with buyers and we will be off to another steroid (cheap money) induced high.
However this is how tops are made. If this is really the top, and we will only know in hindsight, they come not with a bang and a fanfare but they slip in almost unnoticed while everyone is waiting for the bell to ring or another leap up-wards. They come in disbelief.
We have a long way to go to get back to sanity.
Lets look at two listings today for an example of where we are. Both of these are court-ordered sales, something I would not wish on anyone. I chose them because I suspect the Realtor must have priced them down aggressively to try and sell them to get the owner off the hook.
Here is one in Burnaby priced at $828K - MLS V989801
Here is another in Richmond priced at $799K V958124
You can decide yourselves what a pre-foreclosure property like these should be priced for. In Vancouver these are regarded as reasonable prices.
This is one of hundreds of foreclosures I found in Las Vegas which sells for less than half the above two.