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StumbleLas Vegas home prices fall again
Standard & Poor: May figures show LV dropped to new index low
Tuesday, July 27, 2010 | 9:44 a.m.
Las Vegas home prices fell again in May and among big U.S. cities, only Detroit's housing market has performed worse than Las Vegas's during the recession.
That's according to debt rating agency Standard & Poor's, which today issued its monthly S&P/Case-Shiller Home Price Indices report.
Around the country, the report said, home prices in May in the 20 markets tracked by the report rose 1.3 percent from April to May and were up 4.6 percent from May 2009.
"In May, Las Vegas posted a new index low as measured by the current housing cycle, where it peaked in August 2006,'' S&P said in today's report. "The peak-to-trough figure is -56.4 percent, with that market generally returning any gains it had posted since 2000.''
Detroit prices have sunk to 1994 levels, S&P said.
The Las Vegas housing market has been hit hard by the decimation of the subprime mortgage market, foreclosures and the national recession that pushed unemployment locally to 14.5 percent in June.
Prices in Las Vegas as tracked by the Standard & Poor's index fell 0.5 percent from April to May, and in May were off 6.5 percent compared to May 2009.
Standard & Poor's said that around the country, prices in May may have been supported by the traditionally strong seasonal pattern seen during the Spring as well as the residual affect of the homebuyers' tax credit, which affected purchases that closed through June 30.
"We need to watch where the housing markets will go after these temporary stimuli go away. June's existing and new home sales and housing starts data do not show much real improvement in those statistics either. It still looks possible that the housing market might bounce along the bottom for the foreseeable future, before showing any real improvement that will filter through to the rest of the economy," today's S&P report said.
Today's numbers are in line with statistics issued for June by the Greater Las Vegas Association of Realtors. The association said the median single-family home price in Southern Nevada during June was $140,000, down 1.4 percent from May and matching the price from June 2009.
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so much for 'investment' property.
What a shocker! The million dollar question is how low will prices eventually fall before we hit bottom?
Don't ask a "realtor" that will say now today! (Just like the said NOW a year ago!)
The Middle Class in America Is Radically Shrinking. Here Are the Stats to Prove it:
83 percent of all U.S. stocks are in the hands of 1 percent of the people.
61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.
36 percent of Americans say that they don't contribute anything to retirement savings.
A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
24 percent of American workers say that they have postponed their planned retirement age in the past year.
Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
In 1950, the ratio of the average executive's paycheck to the average worker's paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation's wealth.
Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
The top 1 percent of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago.
In America today, the average time needed to find a job has risen to a record 35.2 weeks.
More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying.
For the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
Approximately 21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years.
Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
The top 10 percent of Americans now earn around 50 percent of our national income.
Say, one of you liberals who insist on posting with cutesy little lines in between paragraphs want to tell us again what a fantastic job Reid has done for Vegas?
58% decline from 2009-10 -- expect the local political bobble-heads relying upon such revenues to be scrambling in the months/years ahead -- how much additional public-debt and lay-offs they'll amass will sting for generations.
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Info, it is true that the average public sector worker makes more, has a better pension (one California employee got sacked and is eligible for a $560,000 a year pension) and works less (and something must be done about this) than a private sector person but overall, life has still been getting better http://reason.tv/video/show/living-large...
WOW this is a shocker! Who would have ever thunk it. If you are 40 plus years you will never see realestate go back to normal levels in your lifetime. By the way we still haven't hit bottom!
Thanks alot Dingy Harry and O-dumb-a. This is all your mess. Prices slipped a little under Bush, and completely collapsed under this socialist in the white house. And Harry Reid wants Nevada to become a third world state so it can be a safe haven for illegals that vote for Dumbocrats.
Almost time to buy ;) almost.
The idea that you can walk away from your home and think it won't follow you for the rest of your life is a crock. You will always be questioned, scrutinized and looked at like you are a dead beat from every future creditor, landlord, rental agency, car dealership, etc. I understand the concept of strategic foreclosure but I just can't for the life of me walk away from a financial obligation without feeling severe guilt. I don't know how people do it.
A third of the jobs were in construction. The weakness in the housing market means new construction has dried up. So about a quarter of the workforce is now unemployed construction workers. Many have left town, contributing to the weakness in real estate.Filling the large number of empty housing units may take years, ensuring that residental construction will not be an engine of re-birth, but a continuing drag.
"Detroit prices have sunk to 1894 levels"
Fixed!
to hear it from the folks at lake las vegas this is all heresay! ole bouvier is happy as a clam setting on his porch with a slight breeze coming from the southwest. i tried to convince my wife of buying a condo in vegas last year; shes one smart woman because we didnt buy.
"The idea that you can walk away from your home and think it won't follow you for the rest of your life is a crock."
Only for 7 years. It's federal law and was part of the Fair Credit Reporting Act (FCRA).
http://en.wikipedia.org/wiki/FCRA
"CRAs may not retain negative information for an excessive period. The FCRA describes how long negative information, such as late payments, bankruptcies, tax liens or judgments may stay on a consumer's credit report -- typically seven years from the date of the delinquency. The exceptions: bankruptcies (10 years) and tax liens (seven years from the time they are paid)."
Patrick Gibbons, you must be elated about these numbers. If local home prices really do decline 20%, that means Las Vegans will pay less in taxes, which will reduce the government.
On to libertarian paradise!
Tom Shermspun
Great Ruins of Las Vegas Tours
The following are some of the tax increases that are scheduled to go into effect in 2011....
1 - The lowest bracket for the personal income tax is going to increase from 10 percent to 15 percent.
2 - The next lowest bracket for the personal income tax is going to increase from 25 percent to 28 percent.
3 - The 28 percent tax bracket is going to increase to 31 percent.
4 - The 33 percent tax bracket is going to increase to 36 percent.
5 - The 35 percent tax bracket is going to increase to 39.6 percent.
6 - In 2011, the death tax is scheduled to return. So instead of paying zero percent, estates of $1 million or more are going to be taxed at a rate of 55 percent.
7 - The capital gains tax is going to increase from 15 percent to 20 percent.
8 - The tax on dividends is going to increase from 15 percent to 39.6 percent.
9 - The "marriage penalty" is also scheduled to be reinstated in 2011.
The following are several reasons why the U.S. housing crash is far from over....
The huge home buyer tax credit (government bribe to purchase homes) has expired, the real estate industry is bracing for the worst. The truth is that a significant percentage of those Americans that planned to buy a home in 2010 really tried to squeeze their purchases in before the April 30th deadline in order to take advantage of the tax incentive.
A massive "second wave" of adjustable rate mortgages is scheduled to reset in 2011 and 2012. This second wave could be even more brutal than the first wave that we experienced in 2007 and 2008.
From all indications, a record number of foreclosures is going to continue to flood the market. The Mortgage Bankers Association recently announced that more than 10 percent of all U.S. homeowners with a mortgage had missed at least one payment during the January to March time period. That was a record high and up from 9.1 percent a year ago.
U.S. banks repossessed nearly 258,000 homes nationwide in the first quarter of 2010, a whopping 35 percent increase from the first quarter of 2009.
At the end of 2008, there were 252 U.S. banks on the FDIC's problem list.
At the end of 2009, there were 702 U.S. banks on the FDIC's problem list.
About halfway through 2010, 775 U.S. banks were on the FDIC's problem list.
The FDIC is backing approximately 8,000 U.S. banks that have a total of about $13 trillion in assets with a deposit insurance fund that is pretty close to empty.
Thanks to the policies of Obama, Reid, Pelosi, and the Democrats, our state and country are being destroyed brick by brick.
cinderelladream, if it was my calling in life, I would be happy to do your taxes for you. Reality is reality. True facts are better than fiction. Just a humble person making their way through life with cautious optimism and my glass half full. Cheers! Wishing you the best. Thanks for your comment, it made me laugh. : )
Here's the worst problem. Even though we haven't bottomed out yet and the prices will still go lower who will be able to buy? If you had a home before and let it go, claimed bankruptcy, lost your job or any other issue you can come up with the banks will not lend you the money. They want 20% down with a credit score of what 750? Even people with good payment histories with credit cards have seen ther FICO score go down. The only answer is to stimulate JOBS!!!! After people have worked for a few years and have established better credit will the housing market begin to make a come back. This will not happen until the government stays away from the private sector, does not raise taxes, recsind Health Care, does NOT bailout companies and stops this pork spending on pet projects.
E-mail me when 3/2 home prices plunge to $43,000 average in your area.
Then I will offer you $30,000 tops.
Vegas housing will explode again......in 2061
Ok Las Vegas Make lemonaid out of lemons. I plan to retire in two years and I am moving to Vegas. Why? First financial try living in NYState and be retired. The taxes will eat you alive. Second I have had enough of the snow and cold and third Las Vegas and the surrounding area offers more things to do than here. WHY? doesn't Vegas advertise more about retiring folks moving there and the advantage of the housing market. Do you have any idea how many folks go south of here NYS to retire. These people have set incomes which is better than the now a day job market. You do not get layed off from retirement. Stop blaming Reid and Obama the housing market is nation wide. Our taxes in NYS make what you pay in vagas outragious. How would you like a house worth $159,000.00 with a yearly tax bill of over $5,000.00 and going up again. Las Vegas area needs to market it self as affordable and weather friendly state to retire to. Before everyone cries in their Beer you may ask your self where did the $11 Trillion dollars go that George Bush and Republican cronnies go while he was in office.
there is still much more pain to come...
much much more pain...
the banks are playing games...
they own a ton of property that is not listed for sale...
just sitting there...
decaying...
ruining neighborhoods...
and the banks do nothing...
something like 70% of all mortgages in las vegas are 90 days past due...
hello...
unemployment is over 14%...
i said hello...
there is still much more pain to come...
much much more pain...
Some of the prices on short sales at Allure are interesting to say the least. How about this for a stabbin cabin?
http://lasvegas.condo.com/Condo-For-Sale...
Should I buy?
Stabbin Cabin.. LOL.. I havent heard that term in a long time.. Thanks "Goingbust" lol...
wow, THREE. it only too THREE comments for a moron to make an uneducated remark about realtors.
if only the anti-realtor crowd knew how dumb they make themselves by blaming realtors for housing prices.
and as far as walking away from your home...
2006 / 2007 was really when people started walking away from their homes, right?
it's 2010...that home they walked away from is still going for about half the amount they walked away from, and prices are still going down. so, are they really MISSING anything at this point?
if you walked away from your home in 2007, you are already 3 years closer to being able to maybe get a loan again. so, let's say you DO get a loan in 2017...10 years...you'll have PLENTY of time to catch the next rising wave of home prices and that is IF...IF...they ever go back up again.
Irishspy, sounds like you are living in denial. You don't want O-dumb-a and Harry Greed to be held accountable for this mess we are end.
The economy began declining when the Dumb-o-crats took over congress in 2006, and it began declining even further when it began to look like the illegal socialist was gonna be elected.
Bailouts and Stimulus, thanks a lot Dumb-o-crats.
This is bad for Las Vegas and the rest of the country and Harryweed is like a cancer growing in Nevada. Lets weed the yard!
The policies that have caused this economic colapse were set by regan (the killing president) and bush 1 and bush 2.
Obama, Reid, Pelosi, and the Democrats,had nothing to do with it.
The national debt was caused by stupid tax cuts for the rich people and this caused the dollar to devalue.
The corporations merged because regan(the killing president) did not enforce anti monopoly laws.
Monopolies caused the last depression. and we are doing it all over again.
Repugnicans and rich people are to blame.
Hey Goingbust!
Don't buy it. That bedroom is 6 feet wide. You'd feel like you were sleeping inside a whale, and you'd wake up smelling fishy all the time.
Hang on a while; you'll beat 79 k in a better, homier place.
hey stevem,
Why did all you Realtors push the prices up?? LOL
"bouncing along the bottom"...what a crock.
Vegas home prices may not be in free fall, lately, but there has been zero bounce or bottom!
I don't know if it's worse to be at the bottom, or to be ranked just above Detroit.
Maybe if Vegas builds some stadiums, Detroit will ship there sports teams there.
Ha, ha! Vote Teabagg, Vote Angle!
Wow, I guess the term " I lost my house, at the tables" Just don't mean that much anymore.
"WOW this is a shocker! Who would have ever thunk it. If you are 40 plus years you will never see realestate go back to normal levels in your lifetime. By the way we still haven't hit bottom!"
Las Vegas had many decades of 3-4% appreciation. THAT'S normal. If you take a house value from mid-2002, extrapolate at 3% for ten years, I'd guess in 2012 we'll be pretty close to that. Maybe 2015.
Then again, if you are waiting for home prices to get "back to normal" and your "normal" is prices in 2006 ... Not gonna happen.
The economy is better, the economy is better, the economy is better, the economy is better..... glad I'm not a lib or I would actually believe that.
Nope, no matter how many times I write it down, or hear it in a Presidential or Senator Reid speech, it is still a lie. Thanks Senator Reid, I can almost sell my home for what I paid for it in June 2001. (that was long before the boom, so no I didn't pay too much for it back than)
I'll never understand how people blame Obama & Reid for this mess; the economy started collapsing back in 2006-2007, and the bottom really fell out in the fall of 2008, when Dumbya was still president. What we are seeing now is just the fallout and aftermath of 20-30 years of failed trickle-down economics, deregulation and unsustainable tax cuts. A problem of the magnitude we are now facing isn't made in 1-2 years, and it isn't solvable in 1-2 years. Whoever had won the presidency in 2008 was going to be served an economy that was only going to get worse. If Obama had been truly smart, he would've let Clinton get the nomination and waited until 2012 to swoop in, as whoever wins in 2012 will probably inherit an economy finally on an upswing. (Hell, maybe Clinton was the smart one, she can probably challenge Obama in '12). It's the same thing that happened around 1980; after a decade of stagflation, it was Paul Volker's massive interest rate hikes beginning in 1979 that ultimately led to the economic recovery of the 1980's that Reagan gets credit for, yet it was Jimmy Carter who appointed the man, and it was Jimmy Carter who (unfortunately for him) had to face re-election during the part of the process where high interest rates made the problem worse before they made them better (again, an example of a problem that took more than 1-2 years to cause taking more than 1-2 years to fix). The real problem with America is how short-sighted and memory challenged its voting populace is. A few years go by and they forget who caused the problem in the first place and re-elect them. That's why we, and our economy, are probably doomed ;-)
info4you2see. One quibble of your postings from other bloggers. The cheap overseas wages blue collar Americans have to compete with. Irrelevent. The cheap wage countries have a high reliance on body count and outdated practices. Most first world countries have automation and better systems so that that one American worker will be doing the output of multiple Asians. In one documentary on a Chinese company I watched over a dozen Chinese haul boxes from a building across a parking lot to the trailer where they were loaded. No lift trucks. No dock. One American with a forklift and a trailer in the dock would have had the job done in a small fraction of the time.
This is 2010 and Scotty and the starship Enterprise are not here to beam those manufactured goods to our warehouses. They have to be handled and shipped half way around the world. Expensive now and increasingly more expensive when the world economy recovers and oil goes to the moon. Inventories are kept abnormally high in case the boat is late. Also expensive. What we are really competing against is the cheap Chinese currency and subsidies paid to companies that export.
A few years ago tech titans EMC and IBM said no more jobs to be created in the USA. I don't know if they stuck to that pledge, but both companies now employ many thousands in China and India. There are many other companies doing that same thing. These jobs are overwhelmingly white collar educated jobs. This is the real face of globalization. Manufacturing jobs were the opening gambit but that has run it's course. All that's needed to outsource an educated job overseas is a device and an internet connection. Don't even need an office. No shipping, handling, hijacked boats or whatever. Just a few pennies a day for electricity and a connection. Asia has plenty of hard working highly educated people with no jobs just itching to go to work. Willing to work long hard hours for less pay and bennies. Unlike a typical American educated employee, the Asian one will not tell the boss how it's going to be. They will be working not Facebooking, shopping, doing golf outings, checking personal email, discussing last nights game on the job like their American counterparts. All you arrogant educated Americans who think it's so funny that the blue collars you despise and disrespect are getting the shaft had better listen up. You're next.
Thanks Fannie & Freddie & the 1993 "Community Reinvestment Act."
RE: Patrick
When the ship comes in, you can swim out to meet Helen Weils.
The economy is way better...in most of the US, but it is continuing down here, darthbry. And it's not going to stop in its dive because there is nothing but greed trying to prop it up.
There is no future for Nevada and you know it. Sell your overpriced house and get out while you can.
Now the US is a com pletely different story. With the changes being made in the economy, and folks going back to work, the place is way better off than during the dismal days of Dick and W.
A young guy like you would probably be wise just to walk away from your dumb house and start a life over where your talents and education can fetch top dollar. Not in Nevada!
Homes could fall to 1990 prices!
Home prices are predicted to fall another 16%.
During the housing boom years home prices increased from 70-100% in the hot housing markets of S. Nevada, S. CA, Phoenix, AZ area, and Florida.
All this because of greed by developers and RE brokers. Pressure was put on appraisers to increase their home value appraisals.
At present home prices are approximately 16% under the rate of normal inflation. That is good for the home buyer-- if they have the income to purchase same.
The trouble is that middle and lower income groups do not have the cash to purchase.
From this point in time until the end of the year another 500,000 homes will be foreclosed upon. One in nine homes are vacant in this country while homelessness is increasing, not only for individuals but for families.
Banks and mortgage companies are still operating in the mindset box of 2007. They should focus on preventing foreclosures and not on increasing their greedy bottom line. They just don't get it!
THIS is caused because the party of "NO" is stopping everything the might improve our economy. They the republicans are making sure that the country is not improving and people that lost their jobs stay out of work. The party of "NO": are traitors and should be voted out! That jerk you have running against Reid proves my point.
In misery people tend to point out fingers at each other (regardless of political affiliation) and normally forget realistic solution to their problems. Our problem is BIG GOVERNMENT. Solution # 1 : Get rid of the entire incumbency in Congresss (both House & Senate) and start with new ones with all kinds of cap in salaries and/or benefits in addition to limited term.
Solution # 2 : The same thing at lower level (id est local govt)
RUNNING THE GOVT (MACRO) JUST LIKE YOUR OWN FAMILY (MICRO) when financial crisis happens then nothing can be done except to tight your belts and spend less NOT MORE IDIOTS !
I, for one, view lower home prices as a good thing. Keeping consumer goods from canned spinach to homes as inexpensive as possible is a goal we should aim for. People need housing for a place to live. People do not need housing as an investment. Invest elsewhere, please, and leave the housing for actual occupation.
When Mandatory Energy Audits kick into the real estate transfer equation in 2011, we will see a brand new way to look at this domicile - its Performance.
What does comfort cost? How can it be remedied? (not the Angle remedy!, the contractor) What's it save?
National data indicates:
*** Leaky ducts!!! in 32% of our houses.
** Inadequate air-sealing
* Inadequate insulation
* Inefficient appliances
The good houses will fetch top dollar; the needy ones will languish.
The good news is that our Mortgage Industry is all ready to hook us up with the mortgage that covers the remedies and drops rates for efficient homes.
At least we will know what we're getting into before it gets into us!
I see no reference to 'Mandatory Energy Audits' anywhere on the Internet except for Ontario, Canada. What are you talking about?
The following are some of the tax increases that are scheduled to go into effect in 2011....
1 - The lowest bracket for the personal income tax is going to increase from 10 percent to 15 percent.
2 - The next lowest bracket for the personal income tax is going to increase from 25 percent to 28 percent.
3 - The 28 percent tax bracket is going to increase to 31 percent.
4 - The 33 percent tax bracket is going to increase to 36 percent.
5 - The 35 percent tax bracket is going to increase to 39.6 percent.
6 - In 2011, the death tax is scheduled to return. So instead of paying zero percent, estates of $1 million or more are going to be taxed at a rate of 55 percent.
7 - The capital gains tax is going to increase from 15 percent to 20 percent.
8 - The tax on dividends is going to increase from 15 percent to 39.6 percent.
9 - The "marriage penalty" is also scheduled to be reinstated in 2011.
And now the question is who wrote and passed this bill to start with?
goingbust,
The state of Nevada passed a law in 2007 requiring them. It starts in earnest in 2011. It's not the only place. Missouri, Austin, Tx are one state and one town that have required them for awhile that I know of.
http://www.resnet.us/hotnews/nevadatimef...
Here's the scoop. Check it out, bust.
Goingbust, I'm sure Harry Greed managed to sneak it into the healthcare bill or the financial bill. He's a sneaky weasel who needs to be voted out. Angle 2010. Palin 2012!
hey c'mon, Willie_T,
it was a Nevada thing, not a US thing. Harry had nothin to do with it; it's a local, statewide, deal. It's by us and for us and no senator or hotshot has a finger in it but us.
The law we passed in 07, SB 437, is intended to:
* help buyers know what they are getting in terms of homw performance (Comfort/cost)
* enable good mortgages for energy efficient homes
* enable mortgages to cover cost of bringing needy structures up to efficient standards
Overall it'll mean green jobs fixing up mediocre housing stock, ensuring healthy homes, indoor air quality, safety, low-cost comfort and careers in America, not China, India or Indonesia.
Back in the day, we had cobwebs and candles telling us what to do to houses to make 'em better.
Now these folks got coool toys -
Blower doors that tell ya how leaky and where.
Duct blasters to measure and pinpoint duct leakage.
Infra-red cameras to detail the insides of walls, scream at ya with colors what's happening where no eye can see.
Combustion efficiency equipment that gathers and analyzes data instantly with incredible accuracy.
We know so much more because of standing on the heads of giants. Building Science eats real estate and produces energy audits so we can know what it is on the comfort scale, the cost scale and healthy scale.
It pinpoints what we need and empowers buyers to recommission the structure with better efficiency and way more bang for the property tax buck!
Remember 1994 when those FOOD LABELS became mandatory?
Instead of "Old Time Recipe' or "Filled with LOVE', these sellers had to fess up about what the consumer is actually paying for. It's called, in Real Estate Law, Full Disclosure.
Every house is different. You don't know until ya look. Better off in the know than in the dark.
It's time to bring understanding performance to the home-buying party alongside the emotional and investment issues and traditional considerations like neighborhood, crime and schools.
Energy audits are food labels for houses. What it is
BigDaddyJ has it about right.
It's sad but true that 99.9% of people think that what's happening right now is due what happened two seconds before right now.
That kind of limited perspective causes people to buy several investment properties they can't afford (thinking they'll beat the market) and Republicans elected (thinking 'tough on whatever' ideology will save them).
Both are wrong, and the rest of us pick up the tab.
Going back a bit in the posting log, to bigdaddyj, THANK YOU! THANK YOU!! You put into clear and concise wording what I helplessly think every day when I read these postings, and with a thought line everyone can follow, if only they would. I have lived through these tough times in Nevada, being born and raised here, and know all too well the price we pay for an artificial economy. Fortunately, two years of Economics at UNLV helped me to understand what is going on, and would certainly help some of you others, if you would only tear yourselves away from Fox News long enough to read some basic facts.
Odeman,
"Unlike a typical American educated employee" Please explain.
"All you arrogant educated Americans who think it's so funny that the blue collars you despise and disrespect are getting the shaft had better listen up. You're next."
What country do you live in? You sound Un-American. Evidently, you make assumptions of people live by their individual by their postings?
I work in a blue collar/white collar profession that requires an education, skilled training and most importantly, being in good physical and mental shape to do what I do.
: )
Augurandogli grande successo, benessere e buona salute. : )
The second wave of foreclosures is beginning with many buyers having purchased just two years ago.
Odeman,
"Unlike a typical American educated employee" Please explain.
"All you arrogant educated Americans who think it's so funny that the blue collars you despise and disrespect are getting the shaft had better listen up. You're next."
What country do you live in? You sound Un-American? Maybe next time you assume things about people, make sure your statements have some relevance. Please.
I work in a blue collar/white collar profession that requires an education, skilled training and most importantly, being in good physical and mental shape to do what I do. : )
If you don't have an education, don't envy those that do. Go out and get one for yourself.
Aclarara, enriquecera y le hara a una mejor persona. Sea bueno con la gente.
Meilleur de la chance a vous. Positif de sejour.
Augurandogli grande successo, benessere e buona salute. : )
Gracias por hacerme risa.
That sucking sound you hear is your home value going down the toilet. Get used to it as this toilet has one of the big tanks on it.
airweare--I want some of what you are smoking. The economy is better now than when W was in office. You must be a product of the Nevada Education system. Were more is less.
2000 4.0
2001 4.7
2002 5.8
2003 6.0
2004 5.5
2005 5.1
2006 4.6
2007 4.6
2008 5.8
2009 9.3
Yep it was worse under Bush!! again less is more according to Libs.
what, darthbry,
are those numbers about? Tell me and I'll send Gloria over to your table and you can tip her and tell her you know me!
Methinks you actually intended to say 'less is more' Right? under the Nevada system. No I am not and actually, am not a product of any education system. I fell out a lichen in the sunlight and started banging away on this laptop with my solar charger and a pre-conceived notion of what heaven ought to be like..
I hope stevenm doesn't think prices here will go up again any time soon. Oh, they may a bit in some areas.The days of paying near $700,000 for a house that is trying to sell in the low 200's now are over. The days of buying a house and making a $300,000 profit in less than 3 yrs is over.I'll bet my paycheck...."flippers" here are scrambling to find a new line of work...There's nothing to flip.The market has to be for serious buyers,obtain the house in the old fashion way...earn it !!Owning a house is a privilege...not a right!! And don't give me that **** I'm entitled or some other crazy idea.If the banks would demand a standard 20% down...guess what...everyone would think twice before walking away. When you put "nothing" down you're a renter...not a home owner.Sorry !! you have NO VESTED interest to be crying the blues.The BEST nevada can hope for is for housing to bottom out.But all indications are nationally is that housing will continue to drop through 2012,at a slower rate.
sorry airweare, those are the yearly national unemployment numbers from 2000 - 2009. Oddly they were lower under Bush.
According to you, the current administration has created less unemployment, however the numbers show differently. But with libs more is less according to you. You claim 9.3% uneployment nationwide in 2009 is somehow lower than 5.8% in 2008. As you stated the higher unemployment is affecting only Nevada, however the numbers show it is affecting the nation. So your own words state a higher unemployment number in 2009 (9.3%)is actually lower than (5.8%) in 2008. So to a lib more is less, and vice versa less is more. Whatever works to make the Maobama agenda appear to be working.
The issue in Las Vegas in not home prices falling but quality of building falling. You could buy KB home for $100k in 2004 and it didn't have any structural damage and then you could buy a over million $ dollar Pulte Home with major mold and structural malfunction issues. Then you never made losses with your well built house and lost all your savings (not to mention were unable to profit from) with your sloppily built "luxury" house. Shame on you American house building croup! I have told all over the world in many languages that you cannot trust certain American builders, construction lawyers sue those who built concentration camps, but will not sue Las Vegas builders for the lack of well supervised construction and then certain builders actually using teenagers as managers and shady subcontractors.
ok darth,
ya got me. Unemployment under the wake of Mr. Bush's blundering leadership has left a widening gap in our economy, even though the Obama administration has worked to correct the massive hole in our ship of state with unfunded wars and massive tax handouts to the wealthy for 8 years of Dick and W's dismal destructive reign of terror.
Air, you do realize that Obama's worked to fix the mess by copying George Bush...and its not at all clear that either of the two guys have helped our economy. Only partisan cheerleaders deny that Obama is really Bush III (but with bigger health care and political assassinations)...
we didn't push up real estate prices.
homes were sold at the exact amount people were willing to pay for them.
las vegas was one of, if not THE fastest growing city in america in the late 1990s and early 2000s.
stay with me here...i know you're stupid...but try to grasp this concept.
more people moving to vegas = more demand for homes in vegas = prices go up.
no, i don't think prices will go up in vegas until at least 2012 and that's if obamao gets defeated, if he wins again, it will be until 2016.
Las Vegas is the most undervalued real estate market in the country. Our homes are worth so much more than the current obscene numbers being used by appraisers and home "buyers."
Stick it out and then ram your demands up the ass*s of would-be buyers in the next seller's market. I can't wait.
The wrecking ball will have to raise the price of houses because the people won't. They're gone for good.
hey commentwatch,
does your basis for 'undervalued real estate' include a factor for quality of education? for water availability? For industrial diversity bases? For culture? For literacy? For intellectual property?
Or is it based on wish? Want? Fear? Vodka? Shrooms? Lines on the mirror?
You seem quite emboldened by the value; is there a reason you choose to discuss instead of putting your money where the mouth seems to be aimed?
You wouldn't be merely SAYING that it appears that way, would you?
If it IS that way and you choose not to advantage yourself with your insightful understanding of where money is to be made, one would have to wonder about your mental stability. Am I wrong? Free money and you do nothing?
Or CommentWatch,
is it more of a hunch thing? You merely wish for the case where people actually do return to Vegas?
Either way, you're out of luck. No, they are not coming back. And no, the place is rotting and not worth fixing. Get out while you can.
Or go ahead on and offer more than asking price and create a trend of your own making. Just buy up ten or fifteen homes at list plus say $20,000, and you'll have the first green shoots of your fortune turning up for huge profits down the line when the world sees what a bargain these rotting homes in hell are. No jobs. No water. No industry. No schools. But fabulous deal on rotting ticky-tackies!
again? shocking...
As long as people keep voting for the reids, sandoval, and every other person with a lot of $$$$ then there will be no middle class in your society. As for the ultra rich that control the reids, sandoval, and every other candidate with $$ they have about 16 trillion in money that is not being invested in anything but their mattress.
Housing prices will fall 10% to 15% over the next 16 months.
When will people stop blaming reid, osama, obama, bush for stuff. @george washington.. when has any politican ever been about the people with no money. People, think about this..if you were rich, would you mate with poor person? Would you really support a poor person? You would probably mate with a wealthy person and you would support a rich person and their ideas. AND you would do this even if you grew up piss poor. No matter who is in the White House we are gonna get screwed. People always want to be associated with a side and it's pathetic. The very people running against reid, sandoval are rich too right? I am sure they are gonna be controled the ultra rich, but just from the other team.
They are only worth what a willing buyer and willing seller are willing to agree on.
I don't see that axiom changing... But getting rid of the Reids should improve things and if it doesn't we can do it again till we get it right..
Perfect Example of the Mismanagement of Taxpayer Dollars spent on Programs that only delayed the inevitable.
Hundreds of Billions of U.S. Taxpayer Dollars have been wasted on programs.. Instead of being on the way to a truly sustainable recovery... we've only been running in Mud and now Las Vegas is sinking again.
GET THE GOVERNMENT OUT OF REAL ESTATE and stop wasting U.S. Taxpayer Dollars so we can get to where we need to be for a TRULY SUSTAINABLE RECOVERY!