Real estate realism vs. optimism

Road to recovery is long and winding

Despite the growing optimism regarding the recent uptick in the market, there is no getting around the underlying foreclosure outlook for U.S. residential property.

Cliff Bowman, the Vancouver, B.C.-based marketing expert who turned pre-selling condominium buildings into an industry art form, pointed to data by credit bureau Equifax and Moody’s showing that recent home price declines have left 24 percent of all homes in the U.S. with debt that is greater than their value.

"People in Canada are in a better situation," Bowman said. "I don’t know why that is … perhaps they were better prepared."