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StumbleReport: Vegas housing prices see steepest drop
Tuesday, Sept. 30, 2008 | 12:19 p.m.
Beyond the Sun
The Las Vegas housing market picked up another dose of bad news today.
A closely watched index released today showed home prices nationwide tumbling by the sharpest annual rate ever in July, and though the monthly rate of decline is slowing, there is no turnaround in sight. Prices in Las Vegas dropped at a rate higher than any other city on the list.
The Standard & Poor's/Case-Shiller 20-city housing index fell a record 16.3 percent in July from the year-ago month, the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.
Las Vegas prices plunged the most at nearly 30 percent, with Phoenix diving 29 percent and Miami, 28 percent.
There's "no evidence of a bottom," said David M. Blitzer, chairman of the index committee at S&P.
Though the Case-Shiller is a widely watched gauge of market conditions, the index lags other key housing indicators. August data on new and existing home prices and sales showed the real estate recession is still in full swing.
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It will pick up next month.
buy one get one free
Yeah, and good luck trying to buy a house for a while. Your FICO score better be pretty good. And funny thing about that... most people with a good credit score and sound money management already have a house and don't want another.
Best of luck trying to get rid of cookie-cutter inventory. Next month or next year.
looks like a lot of realtors are commenting on this one.
There is plenty of credit for those who have taken care of their personal business. I've just bought 3 more great investment properties and did it clean as ever. Closed in 2-3 weeks, super!
Then again, my credit and finances are "aces" (thanks to the Bush Tax Cuts and their positive effects; unlike the deadbeats and something-for-nothing types the Democratics want to FORCE banks to loan to, enforceable by guilt-tripping and demonization = not sound financial principles.
There SHOULD be less for those who haven't paid on time or have crappy credit. . Homes, cars and what usually goes on time-payments are not rights or entitlements, but earned. The liberal wants to take risk out of the marketplace, thus taking reward out as well = socialism / communism!
If you have crappy credit or use child-support payments / unemployment checks as verification of income for a hinky warped mortgage = you do not DESERVE a mortgage, car, cellphone or anything else credit helps with UNLESS YOU START DOING THE RIGHT THING.
If your thinking of buying a home as an investment, don't. If you want a home to live in for more than 3 or 4 years it can't be a bad thing.
Shop a lot then drive a hard bargain.
NV, after reading your admonition (and that's how I took it) my first instinct was to just say "Well bully for you". There are those of us, myself included, who admittedly really screwed up my own credit in my younger years - but it's been almost 15 yrs now that I live within my means, pay cash, don't own a credit card (and don't want to own one), have paid my car off a year earlier than contracted to - never been as much as a day late on my rent in over 8 yrs. and never a day late in the house I owned prior to moving and renting - but if you pull my credit report it will suck big time - I guarantee you that - even though everything has been paid and cleared up good luck trying to get these credit agencies to update - it ain't happening. I carry paperwork around from creditors and even one from a bank that says I never had the student loan from them that's somehow reported on my credit report (go figure) just so I can get a car loan when I need to. I'm not looking for 'something for nothing' but it would be nice to at least have a score that reflects a total turn around and mindset as it pertains to my credit these past 15+years. The up side is that if I decide to take early retirement I can move from my rental house and downgrade to a 1 bedroom or studio and will be able to afford to retire at 62 while I'm (hopefully) healthy enough to enjoy it - so at this point owning a house doesn't much matter anyway....... enjoy your rental properties - I had a tenant once for 6 months and they did so much damage it wasn't worth it - rentals are not an easy way to make money but more power to you if it works out for you.
Well good for you NV. You must be the top 5% that Bush was looking to help with tax cuts. Otherwise get over it. Democrats did not force banks to lend any more than Republicans did. If anything they BOTH allowed this to happen. So get off your high horse, and don't gloat about how bad-ass your finances are during a recession. It's...unseemly to crow about such a thing when others of both parties are in far harder straights.
Also saying Bush's tax cuts were a great thing is pure kool-aid talk. What real republican in his right mind lowers taxes DURING not one war but TWO. I agree that taxes should be lowered, but not now. It's kind of like really wanting a house that's out of your range and fudging the credit requirements. Eventually it will come back to haunt you.
Seriously who the hell lowers taxes during a war. Just not that bright.
Redferret, I'm so glad to read that I was not the only one who was feeling 'preached' at (or is it preached 'to'.) LOL
Really like how you ignore the points I made (insert snarky comment about there not being one, as usual). The point was that MOST of the country is in debt. Most of the country is having an increasingly difficult time paying off debt and making day to day expenses. This is not a democrat problem, this is not a republican problem. This is a problem faced by AMERICANS. Americans as a whole are all having trouble financially. So in this current economic climate, to crow about how many houses you own when most people can't even afford their own is...snide, contemptuous, and overall smacks of a pompous nouveau riche.
So while most of your countrymen are in debt and facing increasingly tough times, you talk of how smart you are and how many homes you own. I don't hate success. I just hate people who act like everyone can achieve what you did and be so smug about it.
First YOU DON'T KNOW ANY OF US. Really do you know why I have debt? Do you know why Joe Blow on the street has debt? NO!!! Everyone has different circumstances. While many could have blown money on a bad mortgage, many more might have been trying to keep up with escalating medical care, energy, and food costs.
So to sit there on your "mountain" to tell the rabble how we've done bad really does tell how little compassion you have for your fellow countrymen. It's one thing to not approve of lifestyle choices; it's quite another to get so high handed about how much better you are. If you believe in a higher power, trust me he/she/it/them will take note of your attitude towards the less fortunate and the ease with which you attempt to blame it all on a political party. Keep slugging down the kool-aid. Btw your proctologist called, and he found your head.
BTW-find me one reputable economist who has lauded Bush's tax cuts during the Afganistan and Iraq Wars. Let's see...Let's take in less money, while we spend astronomically more. Brilliant!