Real estate agents in Australia who assured everyone for years there was no housing bubble and home prices would only ever go up because there was a "shortage of houses" are now telling everyone who is stuck in a house they cannot afford that they have prices too high.
What this means of course is real estate agents are selling few homes, thus making little in commissions so they need prices to come down. What the agents don't realize is this is the beginning of a trend and home prices, some drastically reduced already, still have much further to fall.
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Editor’s Note: The following post comes to us from Paul A. Ferrillo, counsel at Weil, Gotshal & Manges LLP specializing in complex securities and business litigation, and is based on an article by Mr. Ferrillo and Joseph T.
OTTAWA/TORONTO — Factory worker Nelson Claros has little time for talk of the Canadian economic miracle.
The 50-year-old was laid off last year from his job of 22 years at a bus-assembly plant northwest of Toronto, and has since applied for 130 jobs. His best offer: A job at $12 an hour, half his previous wage and not enough to pay his bills.
“Really there is a recession right now. They don’t call it a recession, but the companies are closing, there are a lot of layoffs. How can this be a miracle economy?” he asked.