[Willy702]

Another typical refrain, houses or rent cost more than they should and its someone else's fault. Therefore the fact that I am struggling to buy or rent is really just because the system is screwing me and I am a victim.

[vtvette]

Originally Posted by willy702

another typical refrain, houses or rent cost more than they should and its someone else's fault. Therefore the fact that i am struggling to buy or rent is really just because the system is screwing me and i am a victim.

+1!

[BBMW]

Another factor propping up prices is that NV made it much harder for the banks to foreclose. And, in all fairness, during the boom, the banks played so fast and so loose writing loans, that they set those loans up to be unforeclosable when the crapped out (meaning lost/shoddy paperwork.)

If the banks could foreclose on every delinquent debtor holding a mortgage, there'd be a lot more properties on the market.

[VegasVicsezhowdy]

Originally Posted by Willy702

Another typical refrain, houses or rent cost more than they should and its someone else's fault. Therefore the fact that I am struggling to buy or rent is really just because the system is screwing me and I am a victim.

See? That didn't take long.

I knew the dark souls would be on this thread like flies on ....

[UTES]

Now, I was not trying to start a flame war amongst friends. I was merely pointing out that speculative efforts involving any item or commodity are natural in our economic system. And, to extend that, they're inherently neutral as well – unless you're the one on the wrong end of the outcome.

Perhaps the OP is inferring the speculative movements we've seen are part of a conspiracy or group effort? If so, that's another issue altogether. And, though that's possible, my take on it is it's not probable. My stance is we're seeing the so-called investor “herd” move in the same general direction simply due to obvious market forces. In other words, I don't think investors are colluding – they're just thinking alike due to observing what they all similarly see as an opportunity.

Bill

[DavidAELevy]

Originally Posted by UTES

Speculation is a natural process in a Capitalistic economy. Some markets simply have more speculative drivers than others.

And, considering the above, speculation permeates the system - even for routine home purchases by Joe Sixpack on Main Street USA. Why do some people rent and some people buy? Simple. They "speculate" on what is their best value and act accordingly. Some think purchasing is a better deal than renting - and vice versa.

I'm not sure people realize the economic fallout of advocating removing speculation from real estate purchase (and sales) decisions. Or, for that matter, removing it on any item or commodity in our country. Not to be too harsh, but it's a naive stance to take.

Bill

Exactly! People will tend to do what they feel will give them the most gain. Rent vs Buy, whichever has the greatest economic benefit the person in question will do (most of the time).
Economics is in essence the study of behavior that WE ALREADY DO, incentives are the hard part... as creating working incentives is an experiment. A "let's try this" and see if it works approach.
What I'm trying to say is yea things suck in some areas, so in those areas that suck... instead of JUST moaning and groaning about them... it's better to develop ideas on how to fix it, and try the one that should work the best. If it doesn't, learn and try again.

Not to be offensive, but I just don't see the point yet in the original post as nothing is directly being suggested as a fix. It's more or less seems like a complaint? Correct me if I misinterpreted what was intended.

[VegasVicsezhowdy]

City/County land grab?


City of Las Vegas Abandoned Homes 1 - YouTube

[lvoc]

Originally Posted by VegasVicsezhowdy

City/County land grab?



City of Las Vegas Abandoned Homes 1 - YouTube

A 2011 Video?

City of Las Vegas owns about 100 SFRs.

[VegasVicsezhowdy]

Originally Posted by lvoc

A 2011 Video?

City of Las Vegas owns about 100 SFRs.

Are you not the same person who said there was no such thing as shadow inventory? So now, it has been demonstrated without any doubt that there are over 60K abandoned properties in Las Vegas.

Why did you say those things? Was this intentional disinformation? Or, do you really have no clue...
which is it?

[ScoopLV]

Originally Posted by Trader Joe99

Much of the price gains in the last year are driven by speculators competing for the small lot of inventory.
These guys are definitely doing pump and dump and if they're lucky, will make some money in the short term.
Just don't be THE FOOL who helps them escape.

Originally Posted by ScoopLV

Since "shelter" is one of the basic five, real estate has real value. I would MUCH rather own property than have a bunch of ones and zeros on a digital ledger at a Manhattan investment group.

Originally Posted by VegasVicsezhowdy

What does the above diatribe have to do with:

Las Vegas Real Estate Manipulation

You and Trader Joe are calling the people purchasing Las Vegas houses "fools." I am explaining WHY I purchase houses in Las Vegas. They have real value.

You have laid out a position that purchasing property is foolish. I think your position is indefensible. And since I'm one of the speculators who is pushing house prices up, I'm telling you that the foundation for your argument isn't based in reality. I'm buying houses long-term for rentals. Even though the rental return is shrinking, it is still a good way to diversify. With the rising market, the property holds/increases in value, provides monthly dividends and frankly, it's a hedge against voodoo economics.