National resale housing market activity bounced back strongly in the second quarter of 2009 above levels reported for the same period last year. Demand continues to rebound sharply in some of the most expensive markets in the country, skewing the national average price upward.
According to statistics released by The Canadian Real Estate Association (CREA), actual (not seasonally adjusted) home sales, via the Multiple Listing Service(R) (MLS(R)) of Canadian real estate boards, totaled 147,351 units in the second quarter of 2009 – the fourth strongest quarterly sales figure ever. Up 1.4 per cent from the second quarterof 2008, this marks the first year-over-year increase in quarterly activity since the fourth quarter of 2007.
http://blog.buzzbuzzhome.com/2009/07/mls-canada-fourth-strongest-quarterly.html
reviewed by Moishe Alexander, CFC Canadian Funding Corp CEO
Canada has kept a ‘B’ average on economic performance during the global slump, but is idling near the back of the pack among its peer countries, according to the Conference Board of Canada.
A study released by the financial think tank yesterday ranks Canada 11th among the world’s 17 wealthiest nations for 2008, falling behind Norway, Switzerland, the Netherlands and Austria but ahead of Belgium, Germany and Japan.
Canada scored good grades for inflation and gross domestic product growth, but earned mediocre Cs in other key areas such as labour productivity, income per capita and unemployment.
‘NOT BAD NEWS’
“Given the current context, it’s not bad news,” said Glen Hodgson, senior vice-president and chief economist for the board. “In the short term it’s not bad, but don’t be complacent.
“We shouldn’t be satisfied to see our economy crawl back to 2% growth next year. There’s more we can do to create wealth in Canada rather than relying on a cheap dollar or rising commodity prices.”
Hodgson said Canada’s standing is based not on its ties to the U.S., but on domestic policy on productivity, labour markets and foreign investments. Canada could boost its showing with a national productivity strategy to become a more innovative economy, he said.
Norway rose to the top from third spot in the international report card, leading the group in income per capita and employment. Ireland took a big tumble, falling to the bottom from its previous top spot as it reels from a meltdown in the construction sector and real estate market.
Hodgson said the federal government helped buoy the economy with billions of dollars in stimulus spending, but called for a concrete plan to climb out of deficit as soon as the economy rebounds.
Alberta and the western provinces will clear the red ink relatively fast, but Ontario will find it tougher to balance the books and could grapple with a structural, long-term deficit, he predicted.
http://www.winnipegsun.com/news/canada/2009/07/07/10046156-sun.html
reviewed by Moishe Alexander, CFC Canadian Funding Corp CEO
Home foreclosure is a not the best situation to be in. Once the notices start coming and the phone starts ringing you can’t really keep hiding. Your going to hear from lots of people who claim that they can help you. These calls are from organizations that have their own motives and goals. In desperate times even a good sales pitch may sound like a miracle.
There are a number of people who are going to send mail or call. Most likely they were able to get your address or your number from the court system. Due to the legal nature of the process your information will be deemed as public and be published. This means anyone with internet access can find you. In some cases they may get your name from a list that was generated on the web…most of these lists go to investors/ investment trust companies.
The most common people or organizations that are going to give you call:
Swindlers/Con Men/Crooks
These are the ones you have to be aware of. (And there are a lot of them out there.) All of them offer promises and refer you to a chapter 13 attorney for collect a fee. In worse cases, they will take the deed of the house and force you to pay rent while leading you to believe that they can save your home and in the end you loose it all because they do nothing but take your “rent money” and skip town.
This is the most common problem you will face besides the actual foreclosure.
Mortgage brokers
They can help you by refinancing your property. However, these loans may have higher interest rates and closing costs than what you payed at the bank. Some may even charge you more to see how much you are willing to pay and take advantage of it. Not all brokers will rip you off. Over the last several years mortgage brokers have gotten the short end of the stick in the press. Shop around and ask family and friends for a referral if you decide to use a broker. (and just for the record..no I am not a mortgage broker)
Attorneys
This is your last resort. Most attorneys don’t really care about the situation you’re in or give you the attention you need.
Mortgage negotiators/Mortgage “Mod gods”
They negotiate repayment schemes with mortgage lenders. You can negotiate with the bank but in case it fails you can ask the help of a professional to get the plan approved. Some banks may impose a much more demanding plan and these professionals can get you a more favorable agreement.
Hard money lenders
These people are normally wealthy and are looking to loan you money, to cover your mortgage, at a higher interest rate. In some cases they will over to buy your house and lease to own it back to you…for a higher interest rate of course. (this may not be a bad option IF you can arrage something that works fr your financial position)
Mortgage/note holder
Your mortgage holder will call you to reinstate your house. This can be a good option depending on your situation. These are usually offered by mortgages backed by the government.
Whoever calls you or wherever the mail comes from be aware and think things through. You can stop a home foreclosure with the right options applicable for your situation. Do not throw in the towel if you don’t have to.
http://www.real-estate-blog.org/home-foreclosure-who-the-heck-is-calling-my-houseand-why/
brought by Moishe Alexander, CFC CEO
