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Old 10-08-2007, 12:35 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,204,096 times
Reputation: 2661

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Quote:
Originally Posted by SHEPNYC View Post

That is simply a regurgitation of the same fact set that has been repeatedly and exhaustively used to jawbone down the price of RE in Las Vegas.

There was no new content. And I think it helpful that a broker or two or three goes belly up. I would however think the demise of Foxtron in NJ and NY was a much more significant one.
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Old 10-08-2007, 03:07 PM
 
Location: New York, NY
307 posts, read 927,950 times
Reputation: 81
Quote:
Originally Posted by olecapt View Post
That is simply a regurgitation of the same fact set that has been repeatedly and exhaustively used to jawbone down the price of RE in Las Vegas.

There was no new content. And I think it helpful that a broker or two or three goes belly up. I would however think the demise of Foxtron in NJ and NY was a much more significant one.

Foxton (not Foxtron) was a non-entity in New York for years. It was a discount brokerage that couldn't get a foothold in the New York Metropolitan area. As to the jawbone, I guess it's working.
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Old 10-08-2007, 04:23 PM
 
255 posts, read 361,533 times
Reputation: 272
Quote:
Originally Posted by olecapt View Post
There seems to be some view that an RE Agent is in a position to advise a client as to what can be afforded.

Why would that be? I don't know a clients financial situation. I know what they tell me in certain limited terms..."I can afford $1500 a month for housing" say.. and I will show them houses that will end up in that range. Or the client can say I don't want to go past $400,000. OK...I don't show them anything they can't buy for $400,000.
Any real estate agent I've delt with always required a pre-approval letter from my lender (showing the amount that I was pre-approved for) before they would waste their time showing me property that I would not be able to afford. Is that not the norm?
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Old 10-08-2007, 04:40 PM
 
9,124 posts, read 36,382,644 times
Reputation: 3631
Quote:
Originally Posted by brosati View Post
Any real estate agent I've delt with always required a pre-approval letter from my lender (showing the amount that I was pre-approved for) before they would waste their time showing me property that I would not be able to afford. Is that not the norm?
Sure- but the boneheads at the mortgage companies who were writing those preapproval letters were the ones preapproving people for more than they could afford in the first place......

Bob
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Old 10-08-2007, 05:44 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,204,096 times
Reputation: 2661
Quote:
Originally Posted by brosati View Post
Any real estate agent I've delt with always required a pre-approval letter from my lender (showing the amount that I was pre-approved for) before they would waste their time showing me property that I would not be able to afford. Is that not the norm?
Actually many of the buyers we deal with have no real need of a pre-qual letter. When we need one we message friendly loan officer who supplies a pre-qual letter with the exact sum offered in the contract. On a business day it takes ten minutes.

We ain't gonna give the other side a hint as to whether our client can go higher or not. Let the seller sweat it.

We really don't want to wade through a clients financial capablity. It is not our concern and not our business. We care that they can make the offer in hand...and nothing more...unless they ask us to help figure out what they can afford.
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Old 10-12-2007, 11:28 AM
 
Location: New York, NY
307 posts, read 927,950 times
Reputation: 81
Default Las Vegas Home prices take a big hit in September!

Home Prices Down over 9% from the peak in June 2006!

Condos down 12.5%!

See Link Below:


In Business Las Vegas (http://www.inbusinesslasvegas.com/2007/10/12/feature1.html - broken link)
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Old 10-12-2007, 12:12 PM
 
Location: Pinal County, Arizona
25,100 posts, read 39,261,360 times
Reputation: 4937
Quote:
Originally Posted by SHEPNYC View Post
Home Prices Down over 9% from the peak in June 2006!

Condos down 12.5%!

See Link Below:


In Business Las Vegas (http://www.inbusinesslasvegas.com/2007/10/12/feature1.html - broken link)
Big Deal - and, not a surprise
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Old 10-12-2007, 12:27 PM
 
Location: New York, NY
307 posts, read 927,950 times
Reputation: 81
Quote:
Originally Posted by Greatday View Post
Big Deal - and, not a surprise
Not surprised by the down 25% prediction. Seems to be comming sooner than most thought. Sounds like you own some Las Vegas real estate.
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Old 10-16-2007, 10:56 AM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,498,624 times
Reputation: 7615
No brainer...collapsing house prices lead to...collapsing unfinished homes. No successful business owner would continue to pour money into a bottomless pit! It had to stop somewhere...and that somewhere, for some builders, is right in the middle of the job! If an owner can't pay the guys swinging the hammers...they ain't gonna do it for free... they gotta go work at McDonald's just to bring in some money!!!
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Old 10-16-2007, 11:06 AM
 
Location: las vegas nevada
359 posts, read 1,407,789 times
Reputation: 63
the housing market to my understanding is saturated. and from what my uncle told me (who is also investing in vegas as well) said it might take anywhere from 5-6 years for the market to get back up. hopefully it wont be so bad on the new home owners.
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