Turn on the news on any given night and there will most certainly be a news story or two about real estate. The subject of real estate, be it the high prices of Yonge and Eglinton condos, a new condo development being built in downtown Vancouver, or how many houses were sold during the month, often makes the evening news. One real estate topic that will always make the evening news telecast is in regards to the foreclosure crisis currently going on around the world, especially the one going on in the United States.
New York, Minneapolis, Vancouver, Edmonton foreclosures, etc., will always be reported on. Pick any city in Canada or the United States and you can bet that their foreclosure rate will be reported on once the figures come out. Take Fort Smith, Arkansas for example. The latest reports of the foreclosure rates from the month of March show that the foreclosure was just a tick over 2% for the Fort Smith area. That rate went up from the previous year and most American cities are seeing the number of foreclosed homes rise from the previous year.
The foreclosure rate for the United States currently stands at just over 3.5% of all mortgaged homes. The Canadian real estate market luckily doesn't have to worry about such a high foreclosure rate, which is why most newscasts focus on the American foreclosure crisis. If you're thinking of shopping for real estate you better make sure to talk to a mortgage broker in Mississauga beforehand so you can prepare yourself to make sure you can afford paying the monthly mortgage payments. If you can't you might be faced with the similar situation many Americans are facing as they have to give their home up; making them just a foreclosure statistic.
Toronto real estate brokers will always have an eye on American markets that have a high number of foreclosed homes on the market because they have clients who are looking to invest in cheap real estate properties. Foreclosed homes are great investment options as people who buy them can just wait for the market to turn around and then make a profit off their foreclosed home purchase.
The Canadian real estate market doesn't get as much press because no one wants to be reminded of a real estate market that's doing fine, especially when compared to the high number of foreclosed homes in the United States that keep coming onto the market each and every day. If you tune into the news to find out information about homes for sale in Scarborough you might only get a little blurb or you'll have to wait until after the news about foreclosed homes is reported first.