User: Brian Ripley: CAD Economy: Picture

Picture

The problem is not that prices drop but that the debt used to chase the prices up does not decline with the price. In the U.S. mostly non recourse loans occur, and after prices blew out, borrowers who could not pay, quit their positions and negative equity was written off at the expense of the lender. Canadians continue to borrow. More at www.chpc.biz

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