Homes in Windsor, Ontario are selling for less than a new car :: Mark Imeson, president of the Windsor-Essex County Real Estate Board, says he has seen houses selling for just $25,000. He blames the low prices on the rising number of so-called power-of-sale properties, which have been taken back by the bank and turned over to the Canada Mortgage and Housing Corp. for sale.
The Case for Optimism :: In the opinion of Kasriel and other more level-headed observers, what’s really needed now, frankly, is for everyone to take a deep breath. This isn’t another Great Depression. There won’t be hobos riding the rails or huge lineups at soup kitchens. In fact, for all the problems facing the economy, some experts are making a cautious case for optimism. There’s a growing feeling that the economy could find its footing far sooner than many are expecting, a result of how dramatic the declines have been as well as the response by central bankers and governments around the world. This isn’t to say the economy is going to immediately pull out of its downward descent, or that the Dow will magically return to the levels it was at before the crisis. But it’s enough for Kasriel to begin to revise his outlook. “I’m not a raving optimist, but there are things I see that give me some encouragement,” he says.