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No Crash for Canada Real Market, CIBC said it again

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鲜花(34) 鸡蛋(5)
发表于 2008-10-1 08:19 | 显示全部楼层 |阅读模式
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Canadians haven't put themselves deep enough in debt to cause a U.S.-style housing market bust, a CIBC World Markets economist says.; V$ p* Q; q9 O2 v/ ]- y, K
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In a report issued Tuesday, Benjamin Tal asks: "Where's the trigger for a Canadian house price crash?" He concludes there isn't one.3 {+ \1 M6 A: x* h$ X
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"To be sure, house prices in Canada will continue to ease in the coming months," he says. "But the triggers that led to a free fall in Canadian real estate markets in the early 1990s and today in U.S. markets are nowhere to be found."
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As he sees it, Canadian home buyers never got as reckless as Americans.
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. k( ^$ u! X$ r9 ~* M2 z"By almost any measure, American households entered the current housing crisis from a more vulnerable position relative to their Canadian counterparts — carrying a heavier debt load and a much lighter net worth position. And when it comes to real estate speculation, Canada was not really a player.
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# X* [) ^, j2 a( |"But even more important than the absolute and relative level of debt is the distribution of debt. At the peak of the cycle, subprime and Alt-A mortgages accounted for no less than 33 per cent of originations in the U.S. market. In Canada we estimate that at the peak, non-conforming mortgages reached 5.4 per cent of originations."
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* m. s5 a# ?$ ]4 P# P) Q' O0 xSubprime mortgages are those given to the least creditworthy borrowers. Alt-A mortgages are considered a step higher, although the category includes so-called liars' loans in which borrowers are not required to verify their earnings or assets.3 g, I! n( h0 l! E2 B4 s

$ ]* N8 l, R- m: }  e7 M3 GTal says the U.S. meltdown is basically a subprime story.
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' p4 ]0 @  _9 K) q"Eradicate subprime from the U.S. housing market and, instead of the most severe house price meltdown since the great depression, you get a trivial moderate cyclical slowing — something along the line of what we are currently experiencing in Canada."7 Z0 o1 K2 U* l9 w/ `2 H- w
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当然,历史已经证明CIBC他自己在市场预测上没有信誉拉,现在关键的是哪个是导致灾难的Trigger.
" I( }+ b$ E( P- o2 B看到有个同学已经转过次文章啦,没看到,抱歉。
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[ 本帖最后由 catty 于 2008-10-1 09:32 编辑 ]
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