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Old 12-26-2012, 08:42 PM
 
11 posts, read 24,774 times
Reputation: 12

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RJ: Home price index shows increases in Las Vegas


Home price index shows increases in Las Vegas, other cities - Business - ReviewJournal.com


Really? I live in the booming southwest! I do not see any increase in my neighborhood. I checked zillow, trulia and other realty websites to get estimates of my property and I do not see any increase compared to last year? I also had an appriaser appraise my home for not much than what was the appraisal that came in a little over a year ago.

what's happening? What's the truth?
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Old 12-26-2012, 09:16 PM
 
3,574 posts, read 4,160,191 times
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Prices definitely up big time in our neck of the woods. Also, you're checking the wrong sites. Those are always innacurate. Look at recently closed properties in your zip using redfin.com.
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Old 12-26-2012, 09:29 PM
 
39 posts, read 86,963 times
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I bought my house 15 months ago appraisal for $156k. Last week i was getting appraisal for refinance. Came back $ 189k. I was a little suprised too.
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Old 12-26-2012, 09:54 PM
 
1,817 posts, read 3,197,895 times
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Prices in many areas are up more than that article suggests.

Some areas I've heard are still soft though, Mountains Edge being one that comes to mind.
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Old 12-26-2012, 10:36 PM
 
Location: Salt Lake City/Las Vegas
1,589 posts, read 2,193,908 times
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Prices are up about 20% in my area. Outstanding.

Bill
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Old 12-26-2012, 10:57 PM
 
4,118 posts, read 8,657,639 times
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It's been really on an upswing since the summer.

Its due to a lack of inventory available for sale(which in many areas is at something like a 16-18 year low.
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Old 12-27-2012, 11:16 AM
 
10,822 posts, read 9,251,107 times
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The changes in foreclosure processing rules are preventing a lot of delinquent properties from hitting the market. This is depressing supply.
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Old 12-27-2012, 11:55 AM
 
14 posts, read 25,042 times
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Quote:
Originally Posted by BBMW View Post
The changes in foreclosure processing rules are preventing a lot of delinquent properties from hitting the market. This is depressing supply.
So a correction is on tap this year? ...once the banks get their paperwork in order?

EDIT: "this year" meaning 2013
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Old 12-27-2012, 12:04 PM
 
1,817 posts, read 3,197,895 times
Reputation: 1963
It's possible. There is a lot of pent up demand though as well and banks are definitely going to be smarter about releasing inventory to keep prices up. They've learned their lessons from the past. Additionally, the general economic outlook is far more positive than 2-4 years ago.

If they're able to start processing more foreclosures, I suspect we'll see a leveling off of prices, not a drop.

Plus, the fact the federal tax break on mortgage debt forgiveness hasn't been extended may cause additional inventory constriction due to people not wanting to short sale without the tax break in place.

Quote:
Originally Posted by Baawstun2LV View Post
So a correction is on tap this year? ...once the banks get their paperwork in order?

EDIT: "this year" meaning 2013
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Old 12-27-2012, 01:03 PM
 
1 posts, read 1,625 times
Reputation: 15
We as a nation are broke and all this phony wealth in your housing equity is going to disappear when we go over the fiscal clif. Local housing cheerleaders better start praying otherwise you will look like and idiots next year and you will have negative equity like many other Americans.
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