Your number one source for news about the coming economic depression

“While a 25% decline is unprecedented in modern times, some economists are beginning to talk about it. “We now see potential for another 25% to 30% downside over the next two years,” says David A. Rosenberg, North American economist for Merrill Lynch (MER), who until recently had expected a much smaller slide. “
Sickening isn’t it? [...]

“Carolyn Angelette said around 100 clients have canceled summer rentals in Grand Isle, LA. Other clients have postponed plans to buy a home until they see the full extent of oil damage. At this rate, she warns, her Century 21 office will go out of business.”

It is obvious BP will be in litigation for decades [...]

“Goldman Sachs are scum– that’s the bottom line. They have basically co-opted the government; they’ve co-opted the Treasury Department; the Federal Reserve functionality; they’ve co-opted the Obama administration. Barack Obama dances to Goldman Sachs tune.” — Max Keiser

Just remember, Hank Paulson [former CEO of Goldman Sachs then Secretary Treasury USA] took Congress hostage– took them [...]

The longer the government continues to distort the underlying economics of the real estate market, the longer it will take for the sector to heal itself – and the longer the sickness will infect the broader economy.

The United States is in a very precarious situation. Obamarama needs the Fed to print up another 1.9 Trillion [...]

“If we don’t do it, you know this whole city is going to go down. I’m hopeful people will understand that,” Bing said. “If we can incentivize some of those folks that are in those desolate areas, they can get a better situation.”

Detroit Mayor Bing emphasizes need to shrink city
Mayor says it’s not ‘an easy [...]

More than 11.3 million homeowners — nearly one-fourth of all Americans with a mortgage — owe more on their loan than their home is now worth, according to a report released Tuesday by FirstAmerican CoreLogic.

As long as

real wages for the working class decline
good paying middle class jobs are outsourced for cheap labor
government refuses to reign [...]

“Having been conned by lower than market interest rates heavily set by the Central Bank of Canada, people were misled into purchasing “investments” they will not be able to afford in the future once interest rates rise.”

Canada is quickly becoming much worse off than the US was (in terms of house prices to income levels) [...]

“Reading the newspapers these days, you have to wonder whether Canada was on another planet when the global credit crisis hit.” — Murray Dobbin

All the news reports from Canadian real estate associations touting that the housing “recession has ended” is just about as worthless as the hot air coming out of politicians mouths. Very [...]

“The choice we appear to be making is trying to modify our way out of this, which has the effect of lengthening the crisis,” Kevin Katari of Watershed Asset Management, told The New York Times.

This new year will be a clean slate for many but not for the USA. There they have way too much [...]

“In commercial real estate and leveraged buyouts, the bloodletting is yet to come,” Soros said in a speech in Europe.

These so-called economists — who are no better at predicting economics than weatherman can predict snow falls — call the recession over, but the recession won’t be truly over until people get back to work and [...]

“The balance of power in negotiating a lease or renegotiating a lease in some areas is now with the tenant,” said Janet Portman.

Our sad economic times force us to rent properties that are not getting an acceptable sale price. This is not good for sellers, but desirable for tenants. Just keep in mind that tenants [...]

“Why am I competing against a bank?” — Wallace, Detroit Resident.

Detroit’s problems are easy to identify. It was the first “white flight” that had to do with the integration of school districts. This has led those who could afford to leave it outside the city limits or in private schools. Communities have continued to spread [...]