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StumbleReport: Vegas housing market shows no ‘glimmer of hope’
Indices show home prices are down 55.4 percent from 2006 peak
Housing prices have tumbled across the Las Vegas Valley during the recession as foreclosures have spiked.
Tuesday, Dec. 29, 2009 | 12:34 p.m.
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Las Vegas-area home prices continued to fall through October and among big U.S. cities, Las Vegas "remains the one market that has not seen a glimmer of hope so far this year."
That's according to the closely-followed Standard & Poor's/Case-Shiller Home Price Indices, which were issued today and found that nationwide, the annual rate of decline in home prices improved compared to the September report.
But with Las Vegas prices as measured by S&P/Case-Shiller declining for 38 consecutive months, they are down 55.4 percent from their peak in August 2006 and up just 5 percent from January 2000, S&P said.
S&P said prices in Las Vegas fell .1 percent from September to October; an improvement from the .9 percent decline from August to September.
Las Vegas prices in October were down 26.6 percent from October 2008 vs. an average decline of 7.3 percent in the 20 cities in the S&P/Case-Shiller indices.
The S&P numbers compare to statistics issued for November by the Greater Las Vegas Association of Realtors, which reported the median price of a single-family home sold in Southern Nevada was $140,000, up .6 percent from $139,100 in October and down 24.7 percent from $186,000 one year ago.
The statistics all reflect the punishment the recession has inflicted on Las Vegas.
The residential real estate market in Southern Nevada was hit hard first by many subprime mortgages moving into delinquency and then by the national recession that reduced visitation to the city, resulting in sharp declines in employment in the big tourism and construction industries.
With unemployment at 12.3 percent in Nevada in November, casino and tourism employment of 302,500 people was down from 322,900 one year ago; while construction industry employment of 82,500 was down from 109,600, state statistics show.
S&P said that nationwide, its 20-city home price index was unchanged from September.
With just seven of 20 cities in the national index seeing month-to-month home price gains in October, S&P said "the turn-around in home prices seen in the spring and summer has faded."
"All in all, this report should be described as flat," Standard & Poor's Index Committee Chairman David Blitzer said in a statement.
"Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip. Before jumping to conclusions, recognize that the one time that happened at the beginning of the 1980s, Fed (Federal Reserve) policy saw dramatic reversals, which is very different from the stable and consistent Fed policy we have today," Blitzer said in the statement. "Further, sales of existing homes – those included in the S&P/Case-Shiller Home Price Indices – have been very strong in recent months, working off the inventories of houses for sale.
"At the same time, housing starts remain weak, fears that the market will be swamped by a wave of foreclosures are heard and government programs aimed at the housing market will expire in the first half of 2010," the statement said.
October's report found that nationwide, prices in the 20 cities were down an average of 32.6 percent from their peak in the second quarter of 2006.
In October, seven of the cities reported monthly home price gains with gains in Phoenix and San Francisco exceeding 1 percent. San Francisco has reported seven consecutive months of gains, San Diego has reported six and Los Angeles and Phoenix have each reported five.
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It shows hope to those who couldn't afford a house three years ago. Those that work in the casinos and were priced out of the market. Those like me who now can afford a house. Vegas was based on decent wages and affordable housing, we went away from that the past five years, only to return there. I work with so many blue collar workes who can now purchase homes. Yea it doesn't help spectulators or those trying to "flip" a home.
So what's new?
Stratboy
This is a good thing for those that don't own yet, but I would still use real caution if you are considering buying a place. With 80% of homeowners in LV underwater on their mortgages we will certainly see a further collapse of prices which will feed and even further collapse, and then an even further collapse. I am holding off buying until I see 6 months to a year of price increases.
Comment removed by moderator. Comment was off topic.
simple supply and demand. there is now always going to be a larger supply than the demand.
while fred was out building homes all day, jeff was building fred's new home, and jim was building the grocery store for fred and jeff, and so on, and so on...
it was growth to support growth.
right now, at this very moment the citycenter builders are leaving vegas to look for new work, so it's going to be WAY worse in a month or two.
these empty homes need to be bulldozed and re-zoned for solar farms.
No glimmer of hope to get help from Reid or Obama either, we are screwed!
Yeah..but those people will rent if they can't own. That's okay with me as I also have some rental properties. I bought last year and am upside down around 60,000. That's ok. I bought the house to live in and I can afford the payments and enjoy the house and area. I'm not going to cry cause the price went down. I also didn't buy an exotic mortgage that I can't afford. So, more forclosures mean more people renting, means more demand for my rentals, means higher prices, with a fixed mortgage, means higher cash flow,...
I have been thinking the same about rents, they "should" be going up as the former owners of each foreclosed house need a place to live, and with the foreclosed home sitting vacant it's one less housing unit that available. However, this is not the case, rents have actually been going down? I have a few rentals and have had to reduce the rent each year for the last three?
I just have 1 question: Where are 82.500 construction workers?
This may have been a figure including The City Center....
Buckle up for 2010....
Move all your banking from the crooked banks to the credit unions.... I did
Try to have a Happy New Year everybody!!!!!!!!
I have had demand for my rentals pick up. All my rentals are filled. I had no issue getting them rented, less then a week for them. I havn't raised rent, but the demand was high so I could have. You are also seeing more renters become buyers as prices drop, so as owners become renters, those renters become buyers, in the end balancing out. However right now, with such a surplus, of 18,000 I believe, there are more renters then buyers.
Obooma thought it would be better to give our tax dollars to the banks.Now they hold the cards on who will get there tax dollars back in the way of a loan?Godda love this administration?We need health care before jobs?This clown has to go way too soon!!!!
At any cost of a home you have to have a job that pays well enough to allow you to pay for it. That is what is going away in Las Vegas - jobs. If you are thinking of buying a house, please take into consideration how stable your job is. Each day across America corporations and businesses are downsizing
and 2010 will continue this trend. Remember the next segment of mass layoffs could include you. This will occur when the stimulus money runs out. So people, brace yourselves for more financial mayhem.
The houses can cost $20,000 and if no one is working, they cant afford the payment or even a DP. As for the Banks, they want 90% down and credit above 1000...who has that now? Everyone has been in the tank at least a couple months...AND NO THANK YOU on the health Insurance. I'll do without if I can get a job NOW !!!!!!! HIRE ME, then I'll worry about health care..until then, food is more importnat when I start working..
Strat, That's a novel idea, Just make the payments, regardless of whether you're upside down or not. After all, those of us who own homes agreed to the price & terms. More could learn from you about integrity. Too many people are just walking away from their obligations. When I stayed in my little house while all my neighbors laughed on their way to a more expensive place, I said to them "I do not want the debt". Now those that laughed at me are crying the blues because they got in over their heads, while I'm still in my small house that I bought 22 years ago as those folks are moving into apartments (now I'm enjoying my laugh at them!!!). Suddenly their "foolish old neighbor" doesn't look so foolish.
Tom, I think the reason rents are down is partly because employment problems are causing people who rent to "move down" to more affordable units (or move back in with parents), or taking on roommates to make the rent, reducing the demand. The value of rental units was way over inflated. There were people paying $750,000 for a four plex that rented for $800 a unit which was a huge negative cash flow, even if it was rented 100% and all 4 tenants paid their rent (not likely). Those same buildings can now be picked up for 200k. All those houses coming on line for investors who still have money are further depressing rent prices. It's going to be awhile......
I agree Retiredyoungster, food in your stomach is the best healthcare insurance.
Never, ever, elect a Bush! You would've thought our country learned the first time around with his Dad, but we had to learn the lesson again!
I am celebrating the announcement the FBI is (presumably) launching a serious effort to charge and convict the many fraudsters who populated the Monopoly Village otherwise known as Las Vegas 2002-2007. I would feel just a tiny bit better knowing these scammers will not be eligible for any Round 2. No doubt most of the mortgage firms are gone. The corporate builders...well, the book is still open. The agents and flippers...one can likely guess their profligate nature will have ruined them already. And the simple-minded opportunists who just couldn't miss a once-in-a-lifetime chance to catch the comet's tail...wait there will be more.
We bought our home in 2000. It is now worth maybe what we paid then. No problem, we live there and fortunately have no mortgage. It would be nice to see our property tax bill halved, but I won't push the matter. I love our city and our state and know it will take money from somebody to simply maintain what we have. Once the rot starts, it must be curtailed...such calls for time (mostly) and money (nearly same).
Finally, I want to address the planners of our city's grossly overbuilt boundaries: May you hang your co-opted heads in shame and sorrow for the ruin to people and property you caused!
Woohoo! Time to buy. buy baby buy!
RE: Rumrunner
Nevada and the country would be in a DEPRESSION if not for stimulus money to banks. Banks and AIG too big to fail? Absolutely. Which is a problem going forward also. Texas lost 348 banks in the 80s, including the mega banks First Republic (Dallas) and Interfirst Bank (Houston). The extented outcome from that is a smaller and more local banking structure in Texas.
Fed Reserve Board member institutions do not like new competition. There are extended strategies in play, sometimes.
As so Obama's spending, which he has no choice to sustain jobs if not creating a ton of new ones right, now, consider these numbers:
Money spent on Iraq War: 712 billion
Money spent in Afghanistan: 235 billion
We do have a clear mission in Afghanistan.
Add those numbers, divide them by, say, 300 million American men, women and children, and write down the answer.
War costs, for Americans to think those costs won't eventually come home in some form is false.
Gregory, don't forget Texas Commerce Bank, which used to brag that "It has increased its dividend every year since 1924". Folded like an old newspaper. Taken over by those "damn Yankees" Chase bank. And Bright Bank, owned by Bum Bright, the owner of the Dallas Cowboys. Went down the tubes big time.
The only difference here in Nevada is that we mostly have mega-out of state banks. Easier for the government to bail them out. We have very few local banks, so with the sour economy, we are hammering a lot of banks and investors in places like So Cal. Look at Vantage Lofts in Henderson-thank you Scripps Banks and several others-you'll be lucky to get a dime on a dollar.
mmm...i wouldn't be spending that rent money, stratboy.
there WILL be a large population loss in vegas pretty soon.
incoming population drives rent demand. rent demand drives rent prices.
look...does anyone NOT think they will be laying people off at citycenter after new year's?
I have said this before, but Vegas is becoming primed for economic diversity... Just like we were in '03 before this chaos occurred... We had a bunch of major business primed but lost out because it became to expensive to live here...
Low cost of living... Manaj'd with low corporate taxes and soon to be very cheap commercial square footage, with result in an economic hotbed...
Then folks like Strat who held on will be laughing to the bank... I bought in mid 08 and wish I had a bit of extra cash flow to go find a few rentals... at only 31 when I finally get there it will make for a great retirement... even if it goes down more by the time I am ready to call it quits this place will recover and then some...
Stratboy, that kind of logic is great to see. I also bought a house last year that was affordable. We qualified for 10x more, but we settled for a nice little 150k house in a good neighbor hood. Yeah, the value might have gone down a bit, but I can afford the payments and like the house.
Concerning rental rates here in the valley, with the high unemployment rate here, those forced into foreclosure and looking for a hosue to rent, for example, cannot afford to pay the rental prices that Vegas previously enjoyed. If one cannot afford a mortgage of $1200-$1400 a month,(no job, or hours cut back), there is no way that same person can afford to pay the same in a rental price, should be they be lucky enough to have a job. The Vegas of yesterday is just that. I'm only talking house rental prices, and not apartments. People who are renting are like everyone else here, loose a job and you can't pay rent either. My own feeling is that there will lots of rentals staying vacant here in the valley, perhaps going the foreclosure route as well.
las vegas can't support large growth. this is a transient town. we build to much housing. and to much commercial building. no company will moved here there nothing here just dirt and no beaches.
Agreeing with CHICKENLITTLE..I have said it before..Diversity is key..we should have done it years back, but like the first gas crunch, when oil got cheap, out the window went alternative fuel. Same with us now..things are terrible AGAIN..diversify now (again), but don't stop this time..if the economy comes back and tourism picks up, we'll fall back in to the same ol' same ol' and we'll being doing this all over again. OUr only industry is tourism. Throw construction out the window because that is not sustainable - its migrant. We have a ton of talent in the valley ad we need gov't to "sell us" to other states business's to bring them here..low cost all the way around.
As for blaming Bush, ENOUGH ! he didnt sign our mrtgages, he didnt tell teh banks to approve a $1million dollar house to someone making $30k a yr..and he didnt force that same $30k a yr jockey to buy the $1million house..nor for that matter did Obama...The FBI should go after the bankers, etc !!! And these same bankers are the guys using OUR BAIL OUT money to fix the problem they started! Whats wrong with that picture ???
the best thing about the economic turndown is low house prices and no more urban sprawl.
Happy stimulus everyone!
Sincerely,
Harry Reid
P.S., be sure and vote for me come November.
Amazing how nobody wants to stick around after the money tree stops blooming!
Interesting spin by the media. Home prices may be stagnating but sales are BOOMING. Try putting an offer down on a home under 150k that is in at least decent shape...you'll be in a bidding war with multiple buyers immediately.
Everyone is so fixated on pricing increases...but as one other poster mentioned, prices are actually back to around late 90s, early 2000s. So in other words, right around where they should be, maybe a little low but still in the ballpark.
Shadow inventory is a concern, but as long as the banks continue to trickle in the inventory things will be fine. A year ago, we had over a 20,000+ monthly inventory level, today it is down to around 9,000-10,000. Do the math, things are NOT as bad as the media makes it out to be. Who cares if prices stagnate for awhile, as long as sales are popping money is flowing.
Where's all the 10% commission and fees money you paid to buy these over-priced cracker boxes...? Huh...? Where'd it go...?
IT'S FLOWN THE COOP ALONG WITH THE PHONY BALONEY REAL ESTATE BROKERS, MORTGAGE BROKERS, BANKING SPECIALISTS, LOAN BROKERS, CONSTRUCTION COMPANIES, DEVELOPERS AND THEIR PAID OFF "DONATED-TO" POLITICOS WHO HELPED THEIR PALS MAKE BIG BUCKS.
And you're gonna pay for it for years to come...
(Here come the taxes....)
No jobs, no home buyers...
Uncle Harry will be handing out "Trick or Treat" money in October.
Does any ever read what Sergio the prophet writes? I move right past it. This person sure spends a lot of time writing stuff that is usually WAY off topic.
Now a comment you can use. I just did some internet searches on this S&P/Case Shiller index. Some of the comments I found is that this is not the most reliable way to determine the markets based on the complicated way they calculate the indices. They are weighted in different ways. One report also says that the data can lag 7 months behind.
Check out this website: http://socalrealestatenews.com/blog/what...
how is GLVAR goin to spin this in there favor like i said can't said trust GLVAR they are lying piece of S***. housing hasn't hit bottom. commercial foreclosure will start next year
i love all the anti-realtor people. you hate us and some how "blame" us for YOUR foreclosure, but wow...somehow you don't have a problem with us spending our money on cars, dinners, clubs, signs, gas stations, advertising that probably keeps many of you employed.
Housing prices are going to be stagnant for many years. The reality of the situation is that virtually overnight-the qualifications needed to obtain financing have gone from very loose to very tight. If you're looking to sell a home-you've got to pray a buyer comes along with a ceratin verifiable income & a ceratin credit score-or NO bank will will approve him for a mortgage. If you're looking to refi your own home-you'd better have a certain verifiable income, a certain appraisal & a certain credit score or NO bank is going to refi you. The pool of people that can qualify for any bank credit has been slashed by 50-70% virtually overnight. It would be like owning a bar and without warning a new law is instituted that the minimum drinking age is 65 years old. Far fewer people would qualify to drink a beer. The demand for all real estate has been slashed due to tightened credit. People are still hoping that the qualfications to obtain financing loosen up but that's NOT gonna happen. The banks aren't going to go back to the old ways of doing business. Because of this-real estate prices are going to be stuck in the mud for many many years.
I believe there will be a strong turn in the VEGAS market. I believe that
in 10 years, a 3/2 home, in a nice area will be worth $28,000....so.....
I am a cash buyer of 3/2 homes. Willing to pay $25,000 tops. Must be in perfect condition.
I expect hundreds of you to reply, wanting to dump your homes, so be
patient, I will respond. Again, I'm willing to pay top dollar: Up to $25,000 for a 3/2 home, must be at least 2500 sq ft.
The two camps posting here are typical on a National level.
1. The home owner or investor, who bought circa 2004, who now owns a depreciating asset and calls the bottom every week.
2. The jaded, chronic-renter (caugh) who has never owned a home unless the parents left one in a will. They will always proclaim Armageddon and future median home prices comparable to a new Honda Accord. They feel entitled but will likely watch and never act even as prices begin to recover.
Neither are objective - I would throw out a guess that housing will remain weak until unemployment drops by 50% of current levels...Homes that are priced in the $70-100 per/sq/ft range... in good locations will sell fast.
It's not rocket science or reading tea leaves.
Property tax statements were mailed from the Clark County assessor's office this week. Officials say property taxes will most likely be lower since property values have decreased. Down55%? aye sure thing.
OBOOMA GAVE THE BANKS THE CARDS TO HOLD!I HAVE PERFECT CREDIT!I HAVE PAID OFF 2 HOUSES,(ONE HERE,ONE IN CALI)I HAVE A VERY GOOD SAVEINGS,AND A GOOD PAYING JOB.I PUT A BID ON A HOUSE,ONLY TO BE TURNED DOWN BY THE BANKS,BECAUSE THEY DIDNT WANT TO LOOSE THERE CAPITAL,(;IE OUR TAX DOLLARS)I COULD HAVE DONE ALOT BETTER WITH MY TAX DOLLARS,THAN THIS FOOL IN OFFICE THOUGHT I COULD,BY GIVEING IT TO THE BANKS!THEY BROUGHT THE GREED ON THEMSELVES,AND STILL HOLD ALL THE CARDS!THANK YOU MR OBOOMA!I WONT CALL YOU MY PRESIDENT,I DONT HAVE THAT AMOUNT OF RESPECT FOR A LIER!!!
stratboy
youre comments are confusing!
the first comment you make says now people like you can afford a house,then a couple comments down from that you claim you have several rental properties
based on your first comment i really didnt think you could back it up with anything else moronic,well i was wrong.
Since i am a rental property owner,and blue collar,where do you see this huge rental demand in the valley,unless you have some 500.00 piece of crap downtown,or on the mlk.
i had a good renter,then lost her to lay offs at sunset casino.She moved home to iowa.The second gentleman was great,maintained the yard,replaced a faucet that wasnt his responsibility,etc, well he is going back to tennesse because city center is over,and that exodus hasnt even started yet!
depending on the renter you seek i would really revisit your thinking that las vegas is a property owners dream right now.
Also your statement foreclosures mean more renters for you.All i can say is wow if you actually get excited about renting to an individual that just got evicted/foreclosed on.
happy new year to all!
Tue 6:30 pm was at city center again,and this place is nothing but a bunch of sheep taking pictures,,casino about 1/3 full,,crystals shops just a frickin ghost town.
peace out
Lurking in the background, in the discussion of housing demand in the Las Vegas housing market, are the big local developers of land for residential tracts.
I'm talking about the people behind Focus Property Group (Mountains Edge and Kyle Canyon Gateway), Olympia Group Companies (Southern Highlands and bankrupt Park Highlands in NLV), Rhodes Homes (bankrupt subdivisions all over town) and at least two other locally owned land developers who haven't ended up with egg on their faces yet.
In the Las Vegas metropolitan area, there are tens of thousands of unwanted single family lots, in these "new communities" in all stages of completion (raw land, rough graded, finish graded with utilities in.)
Some new communities, like Inspirada, Kyle Canyon Gateway and Park Highlands barely got off the ground, while others, like Lake Las Vegas, Rhodes Ranch, Tuscany, Mountains Edge and Southern Highlands are partially developed but dormant.
The owners of at least two of these land development groups are sweating bullets, trying to keep the large banks or surety bond companies at bay, in terms of the principals' ultimate personal liability for the cost of infrastructure construction in these new communities.
These financially troubled local land developers' long term economic survival is dependent on a resurgence of new home building in a big way.
The European and American mega banks who made land acquisition mortgage loans on these new communities have self-delusionally accepted the b.s. peddled those local land developers, putting off the hedge fund buyers of that syndicated bank debt gaining control of the undeveloped land, at least for a while.
Clearly, when a homebuyer can buy a 5 year old home, in a nice area, for less than it cost to build it, it's going to continue to be very tough for the local land developers and their banks to convince any homebuilder like Pulte, Pardee, Toll or the like to take huge batches of lots off their hands.
In the next few years, we will see huge pressure on local governments and water agencies to dramatically reduce the impact based fees they charge when new homes are built. The pretext for the fee decreases will be "to create jobs". However, the reality is that the fee decreases will be driven, politically, by desperate local land developers.
doubledown,
"I would throw out a guess that housing will remain weak until unemployment drops by 50% of current levels...Homes that are priced in the $70-100 per/sq/ft range... in good locations will sell fast"
WOW you really went out on a f#%&in tree limb with this prediction.
peace out
unbelievable
The economy will bounce back. Government spending created many jobs in the Great Depression, Hoover Dam for example. Some paint that as socialism, others as a wise public investment -- saw a cool site; Balkingpoints ; incredible satellite view of earth
bldblu- that's the point...no need to go on a limb - just sound logic! Now go pawn that plasma so you can pay your rent!
I made a comment to AM radio talk idiot Heidi Harris a few years ago when she was saying there is no housing bubble. I told he there was a problem and it would hit hard. Of course she didn't believe it, Rush said it wasn't so. I told her prices would fall. Skeptical, she asked how far. I told her I believed prices would fall 25% or 30% to as much as 50%. She openly made fun of what I had to say and laughed it off.
I'm not laughing at her and just how wrong she was, this is not a laughing matter. This was never a surprise to anyone willing to see what was happening. Now it's time to do something about it. I think President Obama (and to a smaller extent President Bush) had the right idea with the Stimulus Bill. It took us 8 years to get into this hole, it's going to take at least a few years to get out of it. But I do believe we will get out of it and hopefully learn from the mistakes of the past.
Ms. Harris, I'm afraid, will never learn.
doubledown,
First of all,i dont own a plasma,i have LCD.Secondly I own,and have never rented.
Before you try a lame attempt at trying to discredit someone,maybe know their situation first,otherwise it really isnt valid.
peace out
Thanks to the Gov't for helping out..and NO, I am not Against Dem's or Repub's...but here is an articale that will make you think theya rent doing enough
http://www.cnbc.com/id/34630844
We have two BIG issues during the next few years that, IMO will be disastrous for the LV housing market.
First, with 80% of LV homeowners underwater on their mortgages we are going to have some of them walk-away, I don't know if it will be 20% or 80% of them, but whatever the % is, it will be a huge problem.
Second, right now mortgages are available to those who are qualified, but you really need to be well qualified and this qualification is based on the now historically low mortgage rates. The FED is currently buying all the mortgage's that Fanny & Freddy write, keeping the rates very low. Sometime in 2010 or 2011 the FED is going to stop buying these mortgages which will force the rates to increase in order to attract private sectors buyers of these mortgages.
These increasing rates will make it impossible for many buyers to qualify reducing the already weak demand. Add this to the increased foreclosures of 20% to 80% of those now underwater and we have a real problem!
These conditions will force prices down further putting even more LV homeowners underwater and even more will walk away. It may even put those buying now underwater and some of them will also walk away.
This is why anyone thinking of buying now should be very cautious, we could be setting up for a real death spiral in housing values.
The only way to prevent such a "death spiral" is to increase the demand on housing, and this is only possible through job growth. So watch for the job growth over 6 months or a year, then buy! You might miss the exact bottom, but you will avoid watching the value of your Now "great deal" home go even lower.
Don't throw caution to the wind...This all looks good for the new buyers but those $500k homes are now $250k or less. Your taxes for that house will still be based on the original selling price but your value will be 1/2....you do the math.Prices are still dropping. Sales are going up on the lower end homes true....why not,you can just about buy them with your pocket change. It's a real mess no question...but don't throw caution to the wind.Do your math,don't jump in.Buy today and watch your property value drop again...Prices might come back to their HIGHS...perhaps when your grandchildren are of age,but not before, if at all
WHAT A NEGATIVE AND INCOMPLETE REPORT!!
THEY FAIL TO MENTION,, there have been more sales this yr. then compared to the great sellers market of 2004 or 2005
THEY FAIL TO MENTION,, there are multiple offers going down on anything r.e.o listed under 300k !!
THEY FAIL TO MENTION,,when the r.e.o deals are gone,, local Las Vegas homes owners will have nothing to off set there listing
prices of there homes,, and Las Vegas home owner tend to be greedy! and come up with high home prices.
THEY FAIL TO MENTION,,,, its cheaper to buy then build.
THEY FAIL TO MENTION,, rent is higher then rental payments in most cases.
The person who wrote this negative and incomplete report doesn't sell Real Estate for a living nor is self employed,, he is on salary
for the most part,, not an independent thinker!
There have been mulitple offers on r.e.o home sales ,, yesterday,, today, and tommarow! just try putting one in escrow priced
under 300k! this is real,, i make a living in it full time for the last 12yrs
Jonathan Abbinante aka ROCKIN REALTOR Premier Realty Group. 8010 W . Sahara Ave. 150 Las Vegas Nv. 89103 visit online with me.
http://www.RockinTheHouse.com 702-327-8340
WHAT A NEGATIVE AND INCOMPLETE REPORT!!
THEY FAIL TO MENTION,, there have been more sales this yr. then compared to the great sellers market of 2004 or 2005
THEY FAIL TO MENTION,, there are multiple offers going down on anything r.e.o listed under 300k !!
THEY FAIL TO MENTION,,when the r.e.o deals are gone,, local Las Vegas homes owners will have nothing to off set there listing
prices of there homes,, and Las Vegas home owner tend to be greedy! and come up with high home prices.
THEY FAIL TO MENTION,,,, its cheaper to buy then build.
THEY FAIL TO MENTION,, rent is higher then MORTGAGE payments in most cases.
The person who wrote this negative and incomplete report doesn't sell Real Estate for a living nor is self employed,, he is on salary
for the most part,, not an independent thinker!
There have been mulitple offers on r.e.o home sales ,, yesterday,, today, and tommarow! just try putting one in escrow priced
under 300k! this is real,, i make a living in it full time for the last 12yrs
Jonathan Abbinante aka ROCKIN REALTOR Premier Realty Group. 8010 W . Sahara Ave. 150 Las Vegas Nv. 89103 visit online with me.
http://www.RockinTheHouse.com 702-327-8340
rockin realtor: just another totally clueless realtor with poor grammar. it's "their homes", genius. don't criticize the report, it was written by someone a lot smarter than you. please buy a dictionary and go get your GED before you attempt to come off as intelligent.
I grin a bit each time I hear yet another story about the Las Vegas housing crisis - not because I don't feel for all those who took out loans they could not afford and not because I don't feel distain for all those who told those people they could take out loans they could not afford --- I grin that the whole story is based on statistics that today have no weight.
Las Vegas was a different town economically, before this -- but now that we too have fallen we have become "just any other town". And, that is not a bad thing.
It will take time for us to grow up -- and it will take years -- I hope it does. Even as a homeowner I don't want things to shoot back up the way they were. If I did, I'd more interested in selling my home than living it in.
Agreed retired youngster..I lived part time in Vegas(still own and rent out two properties) and I saw that it's just gambling and entertainment. I inherited my parent's home in San Fran where home prices have actually started to go up. It's because we have huge mega companies like Google,ebay,microsoft,rosche,cisco,genentech,Hewlett Packard..etc. If Vegas had a more diversifed economy it would be much better off. Like everyone else I'm also upside down but I love Vegas and don't want to give up my homes. People who couldn't afford a home in the first place and bought one(because of liar loans) are going back to renting simple as that.
The gist of the story is good renters do not always make good homeowners.
In response to Bakersfield, a rational economic decision sometimes requires walking away. Case in point. If you paid $670K for a property, with loans of about $520,000, that Clark County currently values at $283,000 (for property tax purposes), and payments, including HOA's total $4,000 per month, and if the owner is willing to take the hit on its credit score due to the foreclosure that will surely occur, why would you keep paying?
Maybe because you have 150k into the property and you will surely lose that plus a roof over your head along with a horrible credit score which makes even harder for anyone willing to rent to you because you have demonstrated the abiliy to just walk away from responsibility.
at this point most of the people who are walking away can afford to make their mortgage payments. it's a business decision to walk away from a bad investment. when an investment tanks, you dump it.
people are walking away from their homes and filing bankruptcy because if your home is worth 55% less than when you bought it...and MANY people bought in 2005 / 2006...and there is no real sign it will ever appreciate in value...it makes sense to dump it, take the credit hit, and save up and buy again in 7 or 8 years and maybe you'll be able to buy on an upswing.
the NATIONAL economy as to improve dramatically before vegas tourism starts to get better and then after THAT, the housing market will get better.
vegas will never, ever "diversify" so please stop saying it "needs to diversify". it's not going to happen. just look at the one industry it DOES have...tourism...even that is 2 or 3 companies owning 70 - 80% of the hotels and resorts and it was 5 or 6 companies just 3 or 4 years ago.
I think you are right-on stevem. Everything is going to be 7 or 8 years out. These people who are losing their homes are the majority of the future home buyers and it will be at least 7 or 8 years before they will qualify for a mortgage so I don't see the market back till then.
A majority will never ever save up to re-buy because they never had enough saved up to buy the home they got into and eventually lost. Be warned that if you do file it just gets uglier trust me. I have two friends who did exactly that(walked away from their homes and filed) and they're still taking the shellacking of their lives. One friend admitted that sometimes he sits down in his basement and sobs. You might not have the financial stress but the mental beating you'll take might be worse.
justtired
"why would you keep paying? "
Maybe because you promised you would and signed your name to that promise?
Funny how people are so quick to dump their homes back on the bank when they are upside down... but you don't see these same people giving their equity to the bank when the home appreciated. Take some responsibility for the choice you made and contract you signed.
Pathetic Atheist! listen to the words of BAM1968 ,, "at this point most of the people who are walking away can afford to make their mortgage payments. it's a business decision to walk away from a bad investment. when an investment tanks, you dump it"
Yes, listen to his advise, just walk,, you will end up having the bank come after you along with jacking your credit and a possible wage garnishment,, the banks control the US. that began back in 1913 with the Fed reserve act along with the fed income tax we are all forced to pay to our favorite banks!. Listen to that mainstream trendy/snooty atheist mouth of his! he doesn't even make a living
in real estate, and he definitely has no balls to insult and leave his real name behind,, COWARD ATHEIST.
Now this is the same guy who is busy playing spelling bee with my blog rather than understanding it. Very obvious to anyone
with common sense his need to boost his low self esteem of me, THE ROCKER.
i don't trust no one who is associated with realty. they all liars they can't tell you truth. they screw there own family if they can. hell our secretary at work her "friend" a realtor told her thing that i know not true just so she buys a house from her. housing hasn't hit bottom like previous blog we have more reset in 2010-2012. also we will start seeing commercial realty problem this year
location, location, location
Hey Coward bam1969 put up your real name or shut up! come see me in person and speak your fears to me. Your not a client of mine,, just another coward atheist,, i can smell an atheist a mile away. Next letter you write ,, put up your name.
lol at the grammar of the anti-realtor posters. "i don't trust no one".
maybe because they got all that fancy "book learnin'"?
Finally....
A great idea has arrived!!!!!!!!!
http://moveyourmoney.info/
Look... learn... ACT!!!!
http://www.pbs.org/moyers/journal/100920...
Have you closed your bank account today???
Happy New Year everyone!!!
The holiday weekend homework...
I look forward to all of your comments to this collection...
In my layman's opinion in the order of relevance...
http://moveyourmoney.info/
http://www.loanvaluegroup.com/mortgage/m...
http://www.loanvaluegroup.com/downloads/...
http://www.msfraud.org/
http://www.economy.com/mark-zandi/docume...
http://www.pbs.org/moyers/journal/100920...
http://www.thebigmoney.com/articles/mone...
http://www.nytimes.com/imagepages/2010/0...