“Since October, it was like someone turned off the tap. It became absolutely dead,” said longtime realtor Pam Allen. At the same time, Chinese investors, who have long helped to underpin the city’s red-hot market, are holding back because property market curbs back home means they have less cash available.
But rather than acknowledge these downward pressures, the 'experts' wish to tell you that the unavoidable upcoming tightening of lending standards won't hurt prices here at all. Instead the changes will avoid a U.S.-style housing correction by addressing the concerns that "household debt numbers are coming up to U.S. levels."
First of all, household debt numbers are already ABOVE what U.S. levels were.
These changes won't prevent the reckoning being faced by all those who are already balls deep in debt.
Click 'comments' below to contribute to this post.