Foreclosures in America spiked in August
Adjustable rate mortgages sold in the sub prime market combined with the great bull run we've seen over the last few years seems to be a significant contributor to the market correction.
In Canada the CMHC started of offer insurance on interest only mortgages in June 2006. At the same time CMHC also announced that they would insure mortgages with amortization periods of up to 35 years.
All in all this means that the Canadian market may continue to grow while the American market contracts. In the end our market may contract for the same root causes though.
Those of you that look to capitalize on forclosures can probably find some wonderful opportunities in the United States right now.
This post from CNN Money provides a good over view on the current foreclosure situation in America.
In Canada the CMHC started of offer insurance on interest only mortgages in June 2006. At the same time CMHC also announced that they would insure mortgages with amortization periods of up to 35 years.
All in all this means that the Canadian market may continue to grow while the American market contracts. In the end our market may contract for the same root causes though.
Those of you that look to capitalize on forclosures can probably find some wonderful opportunities in the United States right now.
This post from CNN Money provides a good over view on the current foreclosure situation in America.
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