Facebook
Fark
Digg
Reddit
StumbleReport: Las Vegas existing home prices to continue slide
Prices won’t rise until fourth quarter of 2012, says Fiserv report
Thursday, July 29, 2010 | 3:32 p.m.
Las Vegas existing home prices will decline 14 percent by early 2011 and another 4 percent by early 2012, according to a report released today by a Wisconsin research firm.
The report by Fiserv runs counter to predictions from Las Vegas-based analysts who expect prices to remain stable over the next year.
Fiserv, which produces the Case-Shiller Indexes, calculates its prices differently than local analysts. It compares the same house sold over time rather than comparing the median prices of all homes over a set period of time.
Between first quarter of 2010 and first quarter of 2011, Fiserv projects the existing home price in Las Vegas will decline 14.6 percent. By the first quarter of 2012, prices will fall another 3.3 percent, Fiserv reported.
Fiserv Chief Economist David Stiff said high unemployment in Las Vegas and a large number of foreclosure properties will prompt prices to fall further.
Stiff said there won’t be an increase in Las Vegas until the fourth quarter of 2012 when prices will have risen 6 percent compared to the fourth quarter of 2011.
Earlier this week, Fiserv released its Standard & Poor’s/Case-Shiller Home Price Indices report that showed that prices of existing homes in Las Vegas fell 6.5 percent between May 2009 and May 2010. Again, that index tracts the same home over time.
That contrasts to a report by Las Vegas-based SalesTraq that showed prices in May fell 1.4 percent between 2009 and 2010 to $122,847.
During the first quarter, Fiserv listed the median price in Las Vegas at $150,000, which represents a 55 percent decline from the first quarter of 2007.
In the nation as a whole, home prices rose 2 percent in the first quarter of 2010, the first year-over-year national gain since 2006, the firm reported.
Discussion: comments so far…
Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy. Additionally, we now display comments from trusted commenters by default. Those wishing to become a trusted commenter need to verify their identity or sign in with Facebook Connect to tie their Facebook account to their Las Vegas Sun account. For more on this change, read our story about how it works and why we did it.
Only trusted comments are displayed on this page. Untrusted comments have expired from this story.
No trusted comments have been posted.
Post a comment
Most Popular
- Viewed
- Discussed
- E-mailed
- Star Surveillance: Vince Neil turns 51, Criss Angel, Angel Porrino, ‘Stripped’
- Celebrity preview: JWoww, Sean Kingston, Ice-T and Coco, Nelly
- Chinese company agrees to finance proposed Henderson arena
- Judge sets hearing for teacher in DUI-related accident
- Romney says he prevented Massachusetts from becoming ‘the Las Vegas of gay marriage’
- UNLV basketball anxious to get on the court for big game against San Diego State
- Author relishes writing the life story of ‘larger-than-life’ Oscar Goodman
- South Point owner Michael Gaughan’s take on ‘Vegas Stripped’: ‘I’ll give it an 8’
- Lockdown at Bonanza High School called off after police capture suspect in nearby theft
- See mug shots of 16 arrested in stolen-property police sting
Blogs
The Kats Report
South Point owner Michael Gaughan's take on 'Vegas Stripped': 'I'll give it an 8' (1 Comment)
Author relishes writing the life story of ‘larger-than-life’ Oscar Goodman (2 Comments)
Elsewhere
Landowner: All roads could lead to Uxbridge casino
Revel reveals smoke-free casino opening
Cirque du Soleil show in Sands China casino to close this month
Meet the woman behind Sheldon Adelson
The Kats Report
A sophisticated look at line-moving and dog-show handicapping from Wynn's Johnny Avello
The Sun
Locally owned and independent for more than 50 years.
The average home is only worth $75 thousand,I watch them being built.
Obviously RealtORS fault.
Lying deceiving "car salesmen" is all they are!
here comes stevem w/ his come backer about realtors.
Home prices in Las Vegas are about where they should be at. Home price in Vegas were so inflated, the type of jobs here sure didn't warrant the home prices back in early 2000-2005. Owning a home is still better than paying rent, at least in time you will own your home free and clear. People who say its better to rent is because they live pay check to pay check and are generally finaicially irresponsible.
From the GLVAR MLS and Tax records as of July 29th (you know, the system used by all the "evil Realtors"):
Bank REO properties: 5,844
Fannie/Freddie REO properties: 4,109
HUD REO properties: 655
TOTAL REO properties: 7,608
_____________________________________________
REO properties currently on market: 2,784
REO properties currently in escrow: 2,660
REO properties not on market(yet?): 4,948
______________________________________________
Let's not forget all the hopelessly delinquent borrowers who've not yet had their property formally repossessed. Remember, 75% of all residential mortgages are underwater right now and about 25% of all residential mortgages are more than 90 days in arrears.
And don't ignore all those wonderful "short sales", which are almost half of the current MLS available inventory. What do you think happens when a short sale doesn't both sell AND close escrow? (most don't, actually, though things are improving a bit) That's right, it becomes a foreclosure!
Yes, I'm a Realtor. No, I'm not evil. If you want to buy a property, that's great, but do so with your eyes wide open and your head out of your butt. Recognize that it will take YEARS for the property market to recover in LV.
@cinderella, Why walk away? You did sign the paperwork right? Did you not know what you were getting into? Suppose I sold you some land for $1 and you knew it built on a pile of sand. Why would you be mad at me when the house starts to slide? So to all who think they should walk away, why did you buy the pipe dream they sold you. Can I make an oppointment with you? I have something to sell you and I only want $15,000 of your money rather than $300,000. If it was that easy for the bank to get you it should be a piece of cake for me too. How about this..just honor your contract.
Doesn't matter whose report you want to believe, the end game is still bad. Can the sun have the Darth Vader sound bite when you click on these reports? It actually might make the reading a little more enjoyable.
so really we are relying on experts? These experts said DOW 100k and 10% increase on homes in 2007. How about we stop worrying about houses, find jobs for people, and let this fiasco fix itself. Since Fiserv has an opinion, we should all pack a bag? Why cant Obama's right hand man force a financial package through that allowed EVERYONE to refi their home (current balance) at the current rate 4.75. That would slow a lot of foreclosures. Every mortgage created in 2005-2007 will either end as a short sale or foreclosure. Let the bank negotiate a new, fair value of the home and let the homeowner refi. For Owner Occ homes only. Or we will have a state tax soon enough or we will raise casino taxes higher and see more jobs sliced. Everyone is just waiting for a magic fix. Pain is the only way, the banks have gotten a free ride, they need to feel pain like we have.
Sorry I had to post again. Here is what happened. Realtors such as Burn did not care about whether or not you could afford a home, afterall they have to make a living too. Soo many people bought into the hype and some made a profit. Luckily, my mentor who lives in MO told me not to buy into. He sent me research about the mortgage crisis in the 70's and 80's. He advised to wait until the bubble burst. So taking his information and waiting and watching what happend..man it's a trip. I visited friends home who bought homes for $250,000 with a backyard that is as big as my bathroom. People seemed to compete with one another. People seem to value the fact they paid more than the other person. I would be embarrassed to pay $250,000 for a home sitting on a 1500 sq ft lot. I went with my sis to look at those houses and she was buying into the hype and I warned her against it. The sellers were actually trying to push me into it, saying "they are going fast, prices and home values will continue to soar". When I asked this: "what happens if the value drops dramatically". The reply, "are you crazy, that would never happen". Now, people want to blame the realtors and the economy and Obama. I could not even blame Bush. Why blame someone when you made the choice? Nobody was forced to buy a home. That is the problem with some people..they are runners when things don't go their way. Suppose I borrow money from you and decided not to pay you? Stop blaming the system, and use common sense.
That article awhile back claiming the Las Vegas housing market hit rock bottom is starting to look pretty embarrassing right about now...
cinderelladream -Your lack of ethics comes as no surprise.
Either you are smart enough to know what payment you can and cannot afford...or never buy anything again on credit. It's not rocket science. 2nd grade math should be enough to understand "money coming in, money going out"
Beyond that, if you can't grasp what you can and cannot afford...you will probably have a tough time getting thru life in general.
50% of all homes in Nevada are underwater and 90% of all homes in Las Vegas are underwater. Unbelievably Amazing fact! Jobs are nowhere to be found. Nevada needs to rethink who they're going to send to the Senate and Congress this November.The current Business atmosphere is negatively affecting Prosperity for this great City of Las Vegas. Where did we go wrong.....we don't have to look too far do we? Harryweed....weed the yard and the grass WILL grow again!
What ever happened to personal responsibility? Tempting as it may be to walk away from your mortgage because you bought near the peak of the market, if we allow that to happen with little or no penalty, where would it end? I'm mad that my car and my appliances aren't worth what I paid for them. Can I walk away from those loans, too?
hey buck...
good article...
about time pal...
the usual fluff pieces quoting industry insiders have been dead wrong...
dead wrong...
Someone hurry and get a comment from housing "prophet" Dennis Smith about how home prices are rising once again!
I want to thank Harry Reid and his progressives for this fantastic recovery. If we get any more recovery, we might as well give it all back to the Mexicans. Even with all of the drug gang killings it might be better than whats comming from the obama regime.
Lots of numbers being thrown around. This report says another 15% drop in existing home prices. Another report today said 5% drop in new home sales.
I think the difference between existing and new homes is about 55-60K. So why the big difference, especially when I've heard that many of these newer homes are smaller? Are "used homes" worth that much less than new ones;are they that trashed out/depreciated?
Tom Shermspun
Great Ruins of Las Vegas Tour
So I take it Nevada is a non-recourse or one-action state......
People (and therefore markets) act a little differently if "strategic defaults" actually cost you money. Banks, brokers and (shockingly) buyers all share the blame for the collective stupidity you've been experiencing for the past two years. What a shame.
All those folks that walk away from a commitment are just a bunch of cowards. As previously stated, lack of ethics.
@fatabbot: Nevada is a recourse state. The holder of the first note has 6 months from the "sale date" to file a deficiency judgement against the borrower. If there's a second note, the second note holder has 6 YEARS to file a judgement.
@tbrownbag: I always counseled my buyers that "you may want to own a house but you don't want the house to own you".
Yes, of course, there were agents who didn't care and were greedy and/or incompetent but that's true of any trade or profession, n'est pas?
Doctors, Lawyers, Plumbers, Teachers. Good and bad in all of them.
@Cinderella
I think you are "dreaming". It will take some time, but the money you basically "stole" ya ya it's a civil matter you can say. Believe me, u will get got in the future. Especially if you had an FHA mortgage. You will be paying that back. You made a deal and re-nigged. Personal responsibility you don't have.
Why would home owners have any more moral obilgation than corporate America. The banks that made the loans got bailed out. They didn't take the losses. Looks like the only people most posters want to blame are the home owners.
Tell ya what, I'll hold the home owner's responsible when we ask for the big bonuses back and ask banks to go along for the ride.
If high tides raise all boats, then low tides should lower all boats. It's interesting how "pure" capitalist like to keep the winnings and share the losses.
Since 1980 folks have bought into trickle down theories, dismantled unions, become great corporate employees rather than supporting small business, and supported politicans who told us every few years that some crooked industry needed bailing out becaiuse it was too important to fail.
During that time, the average workers wage has not come close to matching the rise in corporate profits and GDP. So rather than demand a decent wage for our hard work over the years we agreeded to increase our standard of living with credit cards and became a slave of the FICO score. We acutally created a huge industry to sell us money to improve our lot in life.
The house of cards has fallen. That shrinking sound you hear is the middle class going away. And most of us will become part of the "have nots" rather than the "haves."
I wish that they would come after the scum that brag(on this page)how much they effectively stole.
Unfortunately, that's highly unlikely. In Nevada the lender has 6 months to go after the debtor. After that, there's no recourse.
Personally I think the coward keeps the house and lacks the common sense to let it go. The coward makes his family pay for his pride. No college for the kids because he wants to save his credit more than aid the family.
For every $100,000 you borrow you pay back $265,000 over 3o years. If you are paying $375,000 for a house worth $150,000 you are a fool.
The banks game with inventory will hurt everyone. You will have to compete with forclosures for a decade because the bank wants to release only a handful of inventory each week.
Investors and buyers beware the banks are playing games and when that happens we all lose.
Many of the people underwater are near the surface--close enough to stick with it. I bought in 1984 and had no equity by 1988 but things turned around. Sold in 1996 at a 45% "profit."
If some walk away, it's going to be a long time before they can "buy" again. They can rent a cute little apartment but might not afford to rent a house especially if they need to save up a new down payment--as current and future down payments start at 20%.....
Why should homeowners who are underwater be able to re-fi a lower loan amount at a lower rate?
If you can't pay the entire note with interest, as originally agreed, then you should get NOTHING!
Why should the bank forgive your debt of $200K+ because you suddenly can't afford it?
I think all you deadbeats should be evicted, foreclosed and on the street if one cent is a single day late. Pay your damn bills.
Better start by making changes in November! Then get ready to make more in 2012!
as i have said many times before.
you are all totally welcome to give back all the money that i and my "scumbag" realtor friends made selling homes that i spent in your sign shops, grocery stores, clubs, car washes, restaurants, dry cleaner, subway and quizno's, magazine advertising, etc.
i don't see all of you realtor haters giving back any of the "blood money" i spent in the las vegas economy.
I did sell real estate in the Washington DC market. I encouraged all my investors in 2006 to sell everything(based on my tracking models). Inventory was increasing, days on market were increasing and prices were softening. The Greed of 15%+ annual increases kept most from selling anything.
Prices in any market will continue to decline until the inventory absorption rate increases for six straight months. Number of homes potentially on the market divided by monthly sales. Fewer Potential Homes on the Market + Fewer Days on Market for six straight months will be a good indicator of the market bottom. I also expect a total inventory of less than 3 months.
If you are seriously upside down on your mortgage you should do what any responsible corporation will do - declare bankruptcy and move on. After all - the banks received TARP money to take care of the housing crash they and the government created - instead of paying their CEO's huge bonuses with public money.
If you consider property taxes, house prices, things to do in Vegas, the new VA hospital, no traffic compared to other major cities, climate, a major airport with great destinations, shopping options, etc, etc.. This City has a lot of value to offer its residents.
I don't sell Real Estate in NV.
Have you all had just about enough of Harry Reid's vision of Amerika or are you going to go back for another 6 years of punishment ???
Harry Reid was one of the three leaders of government that presided over this country and drove the economy to where it is today. With projected National Unemployment at 9+% through 2012, the hospitality industry of Vegas is doomed. If people around the country don't have "fun money" left over after paying the bills, Vegas is LAST thing on their minds or in their plans.
can't wait until interest rates go up that will change the market overnight
One factor not taken into consideration by this Fiserv report is that most purchasers spend money on renovations after closing the deal. This cost is hidden. Therefore, comparing the selling price of the "same" house is still a bit misleading. My own home, for example, in Canada. Paid $130,000.00 in 2002, have spent about $50,000.00 in renovations. Today's market value about $200,000.00. Unless Fiserv tracks the renovations, their numbers are skewed to the positive. Realtors never tell you in boom times about this. They just say prices rose 15% in the past year to get our greed working so we will buy the home as a high return "investment".
However, we have never seen anything like the collapsing Las Vegas home market in Canada. I wonder if Fiserv considers the deterioration value as foreclosed homes sit vacant. If they don't, then perhaps their figures are skewed to the negative. Just the reverse of boom times.
I own two rental properties and both families lost their home in foreclosure. Both are great tenants. The myth that no will rent to you is nonsense. If I demanded good credit, my properties would sit empty.
People have options. Throwing money away right now is foolish.
We have 3 houses here and a condo. All of them are 'worth' about 40% of what we paid. We moved here thinking if we stay 6-8 years, the market will come back and we can sell them. But now we're thinking of just walking away. F*ck the banks, they don't want to help anybody. And the feds inaction is ridiculous. They bail out the banks, and leave the citizens to pay for it all. It sucks!
The banks are killing the market by holding back all their inventory.
Gosh, if they would just flood the market, then we could buy at a reasonable price - essentially zero, which is what the real market indicates is their value.
By holding back most of the inventory, these shrewd bankers expect to prop up temporarily the price. That's their prerogative; they own them. But when the price I pay today is cut in half when they unload a pile more houses next month, and this depreciation continues for a few years, then my home value approaches zero along with everybody else's. Bankers are rich; know why?
bankers are rich as they lend on fresh air, if anyone else could use the same formula you would be rich too, I have some bottled air for $100,000 a bottle if anyone wants it..
First off, I could care less about what the banks do. @ronster said "Why would home owners have any more moral obilgation than corporate America." Ok, well let's see..there are plenty of crooks breaking in houses and stealing and not getting caught..so maybe I should follow suit. Also, my credit card company charged me $35 for going over the limit..I think that's crazy because I needed that money to buy milk for my kids. Does the card company care? So maybe I should just stop paying the cards and file bankruptcy. @Nick said a coward would let the home go so that he can pay for college. The problem with that is, why didn't you think of that before you bought the home. In life anything can happen so people need to expect that. Secondly, what values are you teaching your kids. If you are not responsible for paying for a home chances are you won't be responsible for paying for college. Did everyone think Banks and Corporate America were not out to get money? Was that a new revelation? In my opinion all business over charge. All consumer products are over priced, but guess what, we buy them. The problem is you are playing the game and the banks know it. Like I said in earlier posts..If you do the research, use good sound judgement, stop being greedy, and stop trying to impress people and think it's cool to buy at $250,000 home you will be ok. Think about when you had a yard sale..you are trying to get as much cash as you can even if you know what you are selling is worth less than half. All the comments I am reading about "walk away","it's the bank or Harry Reid's fault" are really no better than the banks that took your money and house.
"By holding back most of the inventory, these shrewd bankers expect to prop up temporarily the price. That's their prerogative; they own them. But when the price I pay today is cut in half when they unload a pile more houses next month, and this depreciation continues for a few years, then my home value approaches zero along with everybody else's."
I could not agree more airweare. Id rather flood the market and get rid of the problem so we can start to recover. What the banks are doing will drag this out for a decade. These fools paying a huge mortgage will eventually bleed to death. Get out now. Don't waste money you may need desparately in a few years. I was in the market but decided I would get killed bu the banks game so I will not buy yet.
Thrownbag: Many put down a good down payment and could afford the home but when things got ugly their wages dropped. It is not necessarly their fault.
Even if it is all their fault, it is dumb to pay hundreds of thousands extra for a house because of your ego. A mistake should not ruin your life. If you paid $380,000 for house you will end up paying 800k to 900k over 30 years. For a house worth $150? Get real.
The deal they signed allowed them to walk and give up the house. Look after your family first not the bank.
My primary residence is down $45k from 2 years ago when I bought it. I'm not complaining, could be worse from what I read on here, and I don't have plans to ever sell it, so who cares...
in 2007 i refinanced got a 30 yr fixed rate mortgage with a payment i can easily afford . even though my homes value is low now i am in for the long run . i couldn't rent an apartment for what i pay
Even if your wages dropped, you should still be able to afford the payments. Drop the expensive cell phone and plans, eat in more, no tattoos....it's all about priorities. People have screwed up priorities.
The problem is too many people used whatever equity they had as an ATM machine for vacations and other crap they had no business buying. If you had nice equity and wanted to use it, sell the home, buy smaller AND then use the extra cash for whatever you want. THAT is REALIZED cash!!... Get it?
They all spent unrealized equity...then it evaporated in the crash.
Thank you Harry Reid-- for nothing..
PROLOGUE
There's a running joke about hospitals here: "Where do you go for great health care in Las Vegas?"
"The airport."
The implication is everyone knows hospital care in Southern Nevada is substandard.
The reality, however is that only a small circle of hospital officials, insurance executives, regulators and politicians have had access to meaningful information about the quality of hospitals in Las Vegas. Until now.
The revised joke is where does anyone is the united states go for decent affordable healthcare?
"An international airport"
Cinderelladream
You seem proud of what you did. Another person with no ethics or self respect. It's one thing to lose your home because you lost your job or other castrophic events, but to "walk" from something you made a committment to for no good reason other than the value of the home tanked tells a lot on who you are as a person.
Brag all you want. You are STILL a pathetic human being and God help the man(or woman) who gets stuck with you.
<Even if your wages dropped, you should still be able to afford the payments. Drop the expensive cell phone and plans, eat in more, no tattoos....it's all about priorities. People have screwed up priorities>
Agree. Be unemployed for over a year and your priorities DO change. Not knowing when or if you'll get a job or if you'll have enough money to pay your necessary bills makes you think about things differently. So many things I took for granted when i was making good money seem like such a luxury now and a luxury that I don't know when I'll ever be able to afford again.
It's amazing what you can live without when at one time you thought you would die if you couldn't have it. Some of it was like a drug (ie my DVR and 300 cable channels!). You went thru withdrawal. Now I'm watching basic cable and guess what? I don't even miss the other 295 channels (but yeah - the dvr is missed still).
@Nick, you are right to a certain degree. Things do happen unexpected that could cause financial strain. Even I realize that, but walking away is not always the answer just because it is available. The problem with all the technology and luxury we have..we have grown dumb. I am not calling you dumb at all. But when SH** it's the fan, we have to be resilent. America was actually built on creativity. People give up too easy..but fail to realize that hard work and strong focused thinking can make things better. If I were losing my home..I am sure I would see/know my financial situation early. I would attempt to find a way to pay the mortgage legally. Even if I had to put an ad out to get a roomate/s. I would find a 2nd or third job. It has nothing to do with pride because if I had to I would ask for assistance. But I would not stop trying. If I was put out of my home..they would have to kick me out. But I would not stop paying just because it's in the deal. But that's my foolish way. Hopefully now everyone who went thru this will teach kids and others how not to make the same mistake. We are the consumers and believe it or not we are in control. If people stop buying the home prices will go down even further. Here are some money saving tips that I share with people at my company that may help. First off, get rid of your home phone (land line) and get the magic jack. Its a voice over Ip technology you pay $30 per year for. Or just use skype for free. Look at alternative internet services. You dont need all the upload/download features they try to push on you. Watch TV on the net and cut the cable or dish bill. Think about how often you watch TV anyway. I work 8am - 5pm and really on watch the news. Instead of TV we should be reading and learning new things with our kids anyway. Dine out less and try to car pool. Get rid of the expense cell phone plane. Just cus your co worker got an iphone does not mean you need one. most people don't even use all of the features. YOu have a computer so surf the net at home with your kids. Get Cricket for $30 bucks a month. Soon the makers of Magic Jack will be introducing a device for cell phones, in which you can use the cell phone without minutes being taken away. The info is out there, just read up on. If you want a house..that's great, but use patience and smarts. Realtors are gonna try to push you because they are trying to make money..but exercise patience and start reading and understanding what you are getting into. Think about the unexpected. It's unfortunate, but it happens. I am not saying wake up everyday and think "ohh i hope i don't crash my car today". But when making a decision that will impact your family..be patient and think about it. Last post for me.
Our radical Democrat Administration under Obama, Pelosi, and Reid are not doing anything to help this economy out with their tax and spend policies.
Throw the bums out.
tbrownbag
Google has an internet service now. Google Chrome. I hear it is outstanding, but it will cost, ie $9.95 a year. Also, hulu.com, where everyone goes to watch TV episodes, is going to start charging, too, but don't know the price. Disagree about getting rid of your landline phone; it's good to have because of emergency reasons. Just get the basic rate which is not even $15 a month.
Which brings me to those IPhones. I see kids and adults everywhere with those things. To have all the bells and whistles has to cost a fortune!!! Plus with everyone texting all the time - the bills have to be $200 a month!!
Re Family time: My niece and husband have 3 boys and cannot get cable where she lives and they refuse to get a dish, so what they do is buy DVD's where ever they can get them reasonable, ie a used DVD/Video store, and they now have upwards of 500 (maybe more) movies in their library, plus they spent the money and bought a Wii, which cost the same as 2 months of a cable bill. Both kids and Mom and Dad LOVE the thing. It's good family time together.
We have grown to use to technology. And really - has it made anyone lives easier? If you cannot spend 1 hr in a stor without yakking on your cell phone - you have a problem.
The wrecking ball is the obvious solution for banks with big inventories.
Truck out the trash; bring in the parks, community enhancements of all kinds.
Step up and smell fiduciary, big trees.
Stand up for the middleman and we'll be here for you.
Walk away with the green and expect to turn brown.
I'm sure glad that I got millions and don't have to worry about this $hit. Be very thrifty and use your common sense.
no more flippers!! there IS a silver lining among the dark clouds; if some of them went broke flippin', sunshine is not far behind.
The Problem with Las Vegas and Nevada in General. that it has no diversity with jobs. What Las Vegas needs is more Aerospace companies, more Automotive companies, more suppliers. It needs more manufacturing. If it relies on tourism and the service industry this place will be dead even more than it already is. You cant have an economy based on tourism. When are these idiot politicians going to realize this. Maybe never
PGelsman wrote "We have 3 houses here and a condo. All of them are 'worth' about 40% of what we paid. We moved here thinking if we stay 6-8 years, the market will come back and we can sell them. But now we're thinking of just walking away. F*ck the banks, they don't want to help anybody. And the feds inaction is ridiculous. They bail out the banks, and leave the citizens to pay for it all. It sucks!"
In 6-8 years if you had sold for a profit would you have cut the bank in for their share? Didn't think so. You made an investment that lost which is life live with it.
'Maybe never'
because the kids can't HANDLE the work!
No aerospace engineering outfit wants to set up shop where 40% graduate, 50% need remedial work to handle algebra, physics or chemistry, and the local percentage of uneducated/illiterate leads the nation.
ibeydown 2317 is right on!
When we invest in diversity, we survive; for about 100 years now it looks to me like we Nevadans have continuously chosen the one-horse mentality that by nature excludes that educated, literate and progressive culture that invites growth.
Politcians do not hire people companies do!
Idiots like this: "When are these idiot politicians going to realize this. Maybe never"
Nevada has very favorable tax rates and employer friendly laws. Why dont you start a company? You want everything done for you. Wake up.
Nevada has always fought to have no taxes and here we are. NO trains no subways, sub par education and you expect a senator to do what? Demand a company locate here?
Every state is struggling now. The economy here does not attract business because education is not valued in Nevada.
I bought my first property in 1977,kept trading up as the values increased until I could buy my present place for cash. Does that make me smarter than people today? No ,hell no just luckier to be in the right places at the right time.I cant point fingers at todays young people who are in trouble,all their lives my generation told them to buy their own homes.
Sources in the Midwest indicate that there are so many "Coldwell Banker" signs spread around town that a senior citizen was prompted to call into a local radio program to inquire as to what political position this "Coldwell Banker" was running for.
You just can't make this stuff up.
: {
Strategic default is something that should seriously be considered for some as a wise business decision. Sticking your neighbors with a higher bill for the Homeowners Association fees is something I find morally reprehensible.