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Mortgage Bytes

  • Florida Canadians bought more homes in Florida than Americans this past fall.  Diane Francis says it’s premature. She thinks demand won’t catch up with supply there until 2010.
  • The Federal Reserve says it’s ready to cut U.S. interest rates.  The Fed’s next meeting is January 29-30. Most expect the Bank of Canada to pre-empt the Americans with a 1/4% rate cut of their own on Jan. 22.
  • 80% of new homes in Vancouver were condos in 2007.
  • Saskatchewan had the biggest home price gains in 2007:  +48% according to the latest CREA figures.
  • CBC Marketplace warns that condo purchase agreements give builders a shocking amount of latitude.
  • Bank of America will now become the U.S.’s #1 mortgage lender with their purchase of Countrywide.  Apparently Countrywide’s record foreclosures have made it a “good” buy. Countrywide has slashed 11,000 jobs since july and almost completely exited the subprime market.
  • Average home prices in beautiful Canmore, AB may top $1 million in 2008.
  • gives stock options to brokers for signing up.  Question is, with their stock dipping to 20 cents, how much lower can it go and still have an incentive effect? The worst part is that the company’s shares outstanding seem to be going up.  The more shares in the float, the harder it is to get a stock off the ground.  (Full Disclosure: We own MBKR stock as an investment. This is not an buy or sell recommendation.)
  • It turns out FP’s Drew Hasselback is to blame for Canada’s credit crunch.  Banks do make mistakes.
  • The less fortunate can win a downpayment in Waterloo.