Bubble conditions may not be present yet but are approaching such and thus require close monitoring going forward. To allay this concern, housing price increases will need to start to moderate soon from recent sharp increases. Our expectation is that this should occur, since rising mortgage rates should slow the growth in housing prices to a rate below gains in income. - Paul Ferley Quotes
Bubble conditions may not be present yet but are approaching such and thus require close monitoring going forward. To allay this concern, housing price increases will need to start to moderate soon from recent sharp increases. Our expectation is that this should occur, since rising mortgage rates should slow the growth in housing prices to a rate below gains in income. Paul Ferley
 Present

More - Paul Ferley Quotes

Pressures are particularly evident in the West where housing prices in local markets such as Riverside-San Bernardino (outside of Los Angeles) and Las Vegas are rising rapidly with an attendant marked deterioration in affordability. Rising prices in those areas seem more the result of speculative pressures and thus indicative of local housing market bubbles. There is the definite risk in these markets that prices will eventually need to correct sharply lower. - Paul Ferley Quotes

Pressures are particularly evident in the West where housing prices in local markets such as Riverside-San Bernardino (outside of Los Angeles) and Las Vegas are rising rapidly with an attendant marked deterioration in affordability. Rising prices in those areas seem more the result of speculative pressures and thus indicative of local housing market bubbles. There is the definite risk in these markets that prices will eventually need to correct sharply lower.

Paul Ferley

 
Given that we import a lot of capital equipment, this further strengthening of the Canadian dollar does make a lot of those investment goods that much cheaper. - Paul Ferley Quotes

Given that we import a lot of capital equipment, this further strengthening of the Canadian dollar does make a lot of those investment goods that much cheaper.

Paul Ferley

 
This statement did imply a slightly less aggressive tone relative to its previous statement. - Paul Ferley Quotes

This statement did imply a slightly less aggressive tone relative to its previous statement.

Paul Ferley

 
We saw most of the indicators move up in the month, with the exception of the prices paid index, which generally provides an indication of strength in activity. - Paul Ferley Quotes

We saw most of the indicators move up in the month, with the exception of the prices paid index, which generally provides an indication of strength in activity.

Paul Ferley

 
But in the current environment, interest rates are not rising to punitive levels; rather, the current tightening is meant to keep growth at a sustainable pace. - Paul Ferley Quotes

But in the current environment, interest rates are not rising to punitive levels; rather, the current tightening is meant to keep growth at a sustainable pace.

Paul Ferley

 Environment
Housing prices nationally were rising largely due to favorable fundamentals rather than to speculative pressures that would be indicative of a housing market bubble. However, the situation seems to have changed recently. Affordability has deteriorated significantly in the second and third quarters of 2005 as housing price increases have spiked higher. As a result, affordability is quickly closing the gap relative to this measure's long-run historical average. - Paul Ferley Quotes

Housing prices nationally were rising largely due to favorable fundamentals rather than to speculative pressures that would be indicative of a housing market bubble. However, the situation seems to have changed recently. Affordability has deteriorated significantly in the second and third quarters of 2005 as housing price increases have spiked higher. As a result, affordability is quickly closing the gap relative to this measure's long-run historical average.

Paul Ferley

 
So at the moment, markets generally assume the Fed will continue to tighten. That expectation is generally resulting in the U.S. dollar strengthening, though the Canadian dollar seems to be holding its own. - Paul Ferley Quotes

So at the moment, markets generally assume the Fed will continue to tighten. That expectation is generally resulting in the U.S. dollar strengthening, though the Canadian dollar seems to be holding its own.

Paul Ferley

 
Despite solid growth, inflation is quiet which is reflected in low bond yields. - Paul Ferley Quotes

Despite solid growth, inflation is quiet which is reflected in low bond yields.

Paul Ferley

 
The Canadian dollar is holding fairly steady. Looking ahead, we're not getting too much economic news until next week. - Paul Ferley Quotes

The Canadian dollar is holding fairly steady. Looking ahead, we're not getting too much economic news until next week.

Paul Ferley

 News
The currency is pretty steady, with markets remaining fairly thin with little economic data. We're awaiting deeper markets, plus the release of employment reports for both Canada and the U.S. next week. - Paul Ferley Quotes

The currency is pretty steady, with markets remaining fairly thin with little economic data. We're awaiting deeper markets, plus the release of employment reports for both Canada and the U.S. next week.

Paul Ferley

 
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