imo, in the states, the bubble is only half burst. alt-a and options arms mortgages will start defaulting by middle of next year. this second half of the american bubble is said to equal the first half in terms of 'value'. these mortgages are the types where the purchaser didn't have to verify income....scary.
starting next year, i see another housing price 'crash' and i believe that might trigger the commercial bubble to implode in the states. alberta may be somewhat insulated, but even our economy can only handle so much of a beat down.
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