Originally Posted by Bokimon
I A very interesting article about life in California thesedays. Some scary examples and ruined lifestyles. I cannot imagine what it is like to have a foreclosure. All I know is Foreclosure = the end of your life as you know it!
I've been talking to many of my friends in Cali and yeah, it is weird down there - part of population is in denial saying that things will rebound any day now (and if they can scrimp for one more month everything will be okay) whereas others are expecting the big one (earthquake) to also hit any day now so there getting "out of Dodge" as quick as possible.
One thing about the "Foreclosure = the end of your life as you know it" mindset. That is a very Canadian perspective. Having lived and worked many years in the States, one of big differences I have noticed is the mindset relating to financial ruin. In Canada when one experiences bankrupcty/foreclosure, you become a pariah; in the US, when one does the same it's looked on as merely a bump on trying to reach the gold pot and they're expected to try again.
While this economic "shuffle" is significant, I don't expect it to significantly change the American mindset and those that do get whacked with financial ruin this time, will all be expected to try again on the next wave.
And as an ex-Ontarian who choose to live in Alberta, that same trait in something I see more here than in my old home town out East. As such, I do think that we will rebound quickly (mentally, if not financially) from any major hiccups that will soon come our way.
Speaking of which, one thing that has surprised me is the difference between the condo markets in Calgary and Toronto - haven't heard of any major cancellations or significant walk aways in TO yet. Either they're better at keeping it quiet, or that the maturity of their market (remember, they had a major condo mkt crash in 90's) means they had more experienced purchasers and builders.