Richard Waugh, the CEO from Bank of Nova Scotia spoke in Vancouver today and told the audience that the global financial system has begun to stabilize.  I hate to tell you I told you so…but I did.“My sense is that the financial system, and this includes globally, is beginning to stabilize. So economies will stabilize, I expect, near the end of the year.”

This story is pretty interesting.  It makes one ask the question if the seasonally adjusted average price for ALL the US is only down 9.6% since it’s peak in April 07 then where is this meltdown?To me it seems as usual the regional areas that are experiencing 30+% drops are “hogging” the news.The same thing in Canada, it is the hotter areas that had the biggest boom that are seeing the biggest drop, insert Calgary and Vancouver here,  but in reality across the country the news is not all bleak in the housing market.  It is just nobody seems to care what is happening in those areas.

 Great Story in the Globe and lots of talk about how this merger will bring about some more positive vibe for the economy, particularly in Alberta.Actually lots of positive things lately:

1. Conference Board of Canada reported a big spike in consumer confidence
2. Obama to put up $1 trillion to free up bank balance sheets
3. Stock Market surges yesterday.  Dow up 497 points, TSX up 424 points
4. Oil up again and seems to have promise that it is at bottom
5. Real estate markets are showing positive signs
6. US Housing starts up 5% this month. Huge one month gain

Before all the pessimists get on me, I am by no means saying “everything is over” but I am saying a lot of indicators seems to be pointing that we are approaching the bottom of the curve and a recovery is looking like it may be sooner then we feared a few months ago.