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Old 05-01-2013, 06:24 AM
 
17,543 posts, read 34,623,601 times
Reputation: 9985

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Point has been made that it's not just real estate that's manipulated, and not just in Las Vegas.

This is a Las Vegas forum, not a general one. If there's any more to say about the LAS VEGAS market, which for some reason doesn't belong in the other thread, proceed. If you have a broader message, take it to the general forums, where it will be on topic and have a larger audience. If this thread can't stay on topic for Las Vegas, it will be closed.
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Old 05-01-2013, 09:56 AM
 
2,180 posts, read 3,627,986 times
Reputation: 1068
it's a boring line of reasoning and discussion...
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Old 05-01-2013, 11:29 AM
 
59 posts, read 79,910 times
Reputation: 87
If you look south past 215 you can see rows and rows of cookie cutter homes build for out of state investors and speculators. As I said in my first post. There was NEVER a real demand for those homes by owner occupants who intended to live there for a longer time. The entire 2003-2006 Las Vegas expension was build on speculations. The entire Las Vegas neighborhoods build on speculations only.
Funny thing is that even today when we have all those homes sitting empty, home builders are rushing and building even more.

The reality is that the US homeownership rate has fallen to the lowest in almost 18 years.
How can you call this "Recovery" when homeownership rate has fallen to lowest level since. 1995?
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Old 05-01-2013, 12:54 PM
 
12,973 posts, read 12,145,995 times
Reputation: 5398
The recent build in that area is that south of Blue Diamond. Below Blue Diamond and west of Decatur there are about 14,300 homes. 227 are for sale of which 57 are active listings. Present trustee sales owners are about 225.

These numbers are typical for an area that is sold out. I would be frankly skeptical that there are any significant numbers of vacant homes in that area.

That area sells at a premium to much of the north or NW though less than Summerlin.

In other words your analysis could hardly be more incorrect.

And note that they broke ground yesterday for the big pa*--0*1+rk - a major new amenity for the area.

Last edited by lvoc; 05-01-2013 at 02:18 PM..
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Old 05-02-2013, 05:36 AM
 
244 posts, read 286,093 times
Reputation: 204
Quote:
Originally Posted by Trader Joe99 View Post
How can you call this "Recovery" when homeownership rate has fallen to lowest level since. 1995?
"Society loses the value of things which are uselessly destroyed"
Frédéric Bastiat
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Old 05-02-2013, 07:44 AM
 
Location: North Las Vegas
1,631 posts, read 3,385,999 times
Reputation: 743
This recent article address's different opinions of what is a shadow inventory in the housing market and not really addressing a real number.
That's probably because no one really knows for sure the banks keep that information close to themselves.

It also address's that short sales are up while that is true mostly due to the fact that there are less bank owned properties that are released. There are over 10,000 properties that are in short sale. When you look at the number of short sale properties mentioned in this article that sold, it's still not that great.

One thing that is very true it's going to take a few years to get through the distressed inventory.

Valley's 'shadow inventory' smaller than forecast


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Old 05-02-2013, 08:10 AM
 
9,958 posts, read 8,450,177 times
Reputation: 5835
^
This brings up the issue of what's going to happen to the bulk of the underwater loans, and the houses that collateralize them, long term.

With AB284, and the fact that a lot of the initial paperwork for this properties is likely just gone, recycling them may be next to impossible, especially if the borrower is in the house, living mortgage free, and will put up a fight. Also what happens to empty investor houses where the paperwork is lost?

The shadow inventory may just hang out for years.
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Old 05-02-2013, 09:02 AM
 
26,910 posts, read 38,152,457 times
Reputation: 34849
Quote:
Originally Posted by BBMW View Post
^
This brings up the issue of what's going to happen to the bulk of the underwater loans, and the houses that collateralize them, long term.

With AB284, and the fact that a lot of the initial paperwork for this properties is likely just gone, recycling them may be next to impossible, especially if the borrower is in the house, living mortgage free, and will put up a fight. Also what happens to empty investor houses where the paperwork is lost?

The shadow inventory may just hang out for years.
Nationalization, or more close to home, Las Vagasization
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Old 05-02-2013, 10:29 AM
 
12,973 posts, read 12,145,995 times
Reputation: 5398
I would sthink a trustee could file an action to quiet title.

If not the adverse possession statute runs in five years.
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Old 05-02-2013, 07:28 PM
 
244 posts, read 286,093 times
Reputation: 204
The only thing that has changed in Las Vegas is the scale of the mess.
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