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Wednesday, April 8, 2009 | 8:31 a.m.
Sun Topics
The demand for Las Vegas homes jumped in March, but it continued to come at a price, with the value of homes dropping to their lowest level since the fall of 2001.
The median price of new homes sold in March was $149,000, a 4.2 percent decline from February. That’s 39 percent below where it was in March 2008, according to statistics released this morning by the Greater Las Vegas Association of Realtors.
The peak was $315,000 in June 2006. The GLVAR tracks homes sold by Realtors in Clark and surrounding counties, and some of those sales could include new homes.
There were 2,980 sales in March, a 30 percent increase over February and 102 percent jump over March 2008, according to the GLVAR. In the condo and town home market, there were 604 sales, a 37 percent increase over February. The median price, however, fell 6 percent from February to $70,500.
It is time for the state and local governments to face facts. Tax Revenues are going to decline further and faster in the coming year. All current budget plans are already out of balance and should be cut 10% minimum just to prepare for the new numbers to be accounted for.
The Obamanomics are an Obamanation and will continue this decline until someone wakes up and turns this spend with nothing on nothing around.
It is time to make business competitive again and higher taxes on employment and profits don't do it.
Obama has had nothing to do with this downturn. He's our hope to turn it around, after 8 years of a complete idiot in charge. Seinfeld was right "Newman"...
Bush and the right wing republoiicans did this to us. as much as it hurts home prices are now where they should be. Wages here do not support 2006 prices, and they never did.
Republicans just talk war and religion to keep people from seeing the truth about them. They want to eliminate the middle class and cater only to the rich.
oh right, bush put a gun to your head and made you buy a house.
it wasn't obama or bush, it was the american greed.
Hey, we talk guns too!
\
:republican:
On a more serious note, I am from Illinois and I am saving money this year. Thank God I still have a job. If prices are this low same time next year, I'm buying a condo out there in Vegas. I love your city. Sorry to read on this paper so often that so many of you do not. The only thing bad about LV was the insane housing costs over the last few years. Hopefully, that is gone for good.
watch frontline: 30 trillion and counting:
bush cuts taxes despite getting the united states into war with Iraq. costs = 10 billion/month
bush cuts taxes and signs medicare drug prescription plan. costs = 60 billion per year
If you watch the show, there was a system called paygo, pay as you go. it means if the US wants to spend money, it either cuts something from the budget or raise taxes. and bush did neither.
So obama inherits the whole mess and raises taxes. how else does the federal government make the money for all the spending?
Nick......maybe Obama can generate some liberal social program to help you liberals learn how to spell......if you are going to put something or some one down....maybe spell it right....what is a "REPUBLOIICAN"????
Taxes have increased 18.5% annually over the past 12 years on 89031 properties which have recently declined over 35% in value over the past 12 months--yet property taxes have increased!
Budget shortfalls or not such theft must be STOPPED!
This is the price you for free enterprise. The good and bad go together when greed overwhelms reason. People who thought the equity bubble would never bust here have to pay the same price they payed in 1929 in the stock market. Median = 139k seems to be about right. Sad so many get hurt trying purchase a home to live in during the height of speculation.
Did I hear "GUN"
The point here is the problem of home prices falling and no one knows at what level or when it will stop.
This brings us to the point of the problem, which equates = cause and effect / the ultimate cause.
Looking at the big picture you will find that the so called sub-prime loans are not the ultimate cause but only a link in the effect of how we see the manifistation of Bush's policy on Energy.
Stop grabing at the crubms of what is left and raise your heads to see the whole enchilada. Ponder this for a moment:
1.SPR, Stratigic Petrolium Reserve, Bush in his last four years of office steadly bought all the excess oil on the market with Tax Payers money driving the market up - Supply and Demand. Then dumpped it into the ground (caverns) which I still think are connected to the oil fields in TX, OK, LA, but at any rate, it is private industry that pumpes that oil out for profit (winfall). If not for Pellose and the House calling him a "Lame Duck" we would have seen $200.00 oil and $6.00 a gallon gas.
2. M1, M2, M3, stopped being published on Bush's watch,(Theft at the Grandess level). This is Like the bank telling you they will no longer let you know how much money is in your account. How much are you worth, only the bank can tell you that and if they say you are worth 1 million, who can say otherwise. So goes the dollar, and no one can say how much money is truley out there.
3. Everybody, all loans, non/sub-prime or otherwise faild, but mostly non-sub-prime loans failed. Did you all hear that; only 25% of credit defaults were sub-prime.
4.Liquidity, the money flowing from person to person, hand to hand, cash flow; All this money is out side the USA, namely in the middle East, due largely by $4.00 a gallon of gas. Some GCC where making 1 Bil a day surpluse during that run up of oil.
5. G20, 20 nations most likely to feel the effect of the world economy, have agreed to 3 tril. more for the IMF. By the Way this is something that is a good thing. This will allow the world currency (dollar) to remain viable and deminish the effects of hyper inflation down the road - two years.
I guess the 2012 New Year will be one to celebrate, in part becuase the economy will be back on track, but mostly becuase people will feel better about life, do to the money in there pockets for spending once again.
Homes in LV will come back around and as will the tourist. LV will reinvent itself, "VIVA LAS VEGAS".
The ultimate cause is #1, Brought to you by Bush, there is no simpler way of putting it.
Thank you for the grammar check in advance.
P.S. Yet, on Bush's last days of office (check it all out for yourselves) he signed an executive order to buy all the remaining budget in oil for the SPR.
It's both the Democrats and Republicans fault; I believe it was President Clinton that relaxed the standards for qualifying for loans with Fanny May and Freddy Mac. Theirs more than enough blame to go around! Don't fool yourself in thinking this administration is the second coming. They will sell us out just like the last administration for big time comps down the road. Make no mistake the politicians in Washington D.C. don't give a rat's ass about the average Joe, its big business and financial intuitions that fill their bank accounts.
When people started trying to outbid each other, and the prices of homes were selling for WAY MORE than they were TRULY worth - when the Appraisers started coming up with BOGUS values so people could get their loans - that's when I bowed out of the race and now I am SO GLAD I did. So while I may still be renting - at least I'm not over my head in debt because of a house! There are truly some benefits to being 'poor' I guess LOL LOL