Real estate: Price per square foot, foreclosures

Discussion: 8 comments so far…

1. By carlosmessi

   7/28/09 at 5:29 p.m.

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   This is very useful information. If you care about the economy of your family like I do, you can use thes valuable informations to choose your next move, I mean where will you live base on what you expect in the future and what you are gaining now. For now I praise everyone to go secure, yes security above all, don't buy a house if it is possible for you to lose it. Good luck guys.

2. By revtomperl

   7/29/09 at 8:42 a.m.

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   how about a chart for renters - vacancies, crime rates, rental levels? and maybe a chart that shows shadow properties, that is the ones the banks are holding under the table to fool us and get people to pay above market prices?

3. By 9ballguy

   7/29/09 at 11:51 a.m.

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   I have a valuable tip for Home and Condo renters. Have a clause put into your lease that requires the Property owner to supply documentation to you monthly that proves that they paid the mortgage. By documentation I mean a copy of their mortgage statement. Also state that the Rent payment will not be made until the mortgage statement is received. If they do not agree to these terms, just move on to another landlord. A reputable landlord eager to rent their property will agree to this.

4. By dmslv02

   7/29/09 at 1:20 p.m.

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   The prices are going up for homes all over with multiple bids. Is it smart for banks who killed our city by dumping every REO home/condo on the market starting back in 06 by restricting the flow? YES it helps those of us who bought paid our bills and were doing the right thing. Who it doesn't help are those who always complain when they've missed the boat on a good deal.
   There are anywhere from 10-50 bids on about every property that goes on the market. It will drive up prices and I think that's great, why? Because it will help with getting more new homes sold why is that good? Because that means JOBS! Banks killed our local economy and now they are helping to re-build it.
   If you want to see where the Foreclosures are going to be look at the fed map one the FED website. So highlands and East Henderson are big ones this year.
   If you want a stable area go central! If you want cheap go north- NOT Aliante or Cent areas but closer to the 15. You'll be glad you did as the 15 is completed, 5th st becomes a large arterial road and for the ease of the communte in the future.

5. By dipstick

   7/29/09 at 2:31 p.m.

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   one problem w/ dmslv2 statement; if the banks are holding the foreclosures and marketing them at a measured rate, who in their right mind would BUY a new house for tens of thousands more? if no one is buying new houses because of the great amount of cheaper foreclosures, what new jobs are created? the realtors are happy and local government might reap some small amount of money, but thats all i see. until ALL the foreclosures are sold new housing doesnt stand a chance in this economic enviorment.

6. By 9ballguy

   7/29/09 at 3:33 p.m.

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   The sale of homes does not necessarily mean job creation. Many of these homes are being purchased by investors who do not live in Las Vegas and are hoping to profit by renting them. They may be in for quite a shock when they discover they cannot keep their properties rented because of further job losses and layoffs here.

7. By Babyboomer

   7/29/09 at 5:53 p.m.

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   9ballguy....has it right...ANYONE who thinks they will come and make a killing as a speculator are in for a rude awakening.Those days are over as are the super overinflated home prices and high rental prices. Reality is what it is....REALITY, so wake up people.

8. By term25600

   8/2/09 at 6:26 p.m.

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   Foreclosures seem to be snapped up at current price levels, but by investors waiting for prices to rise before selling.

   So if the foreclosures sent families into the rental market, what is it that will return them to home ownership? Has to be the very loose credit that got us into this problem in the first place !!

   But are these banks going to really lend again to the same people who couldnt (or wouldnt) pay the former mortgages?

   Sounds like there will be a long period of lower house prices - maybe 7-10 years- before the credit reports dont show the foreclosures anymore.

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