[LIS123]

I don't have the link or transcript, but just saw a commentary form someone from moodyseconomy.com on a show on CNBC (Open House, I believe was the name).

He thought the housing slump would continue through 2008 and on into 2009, with LV as one of the weaker markets, along with AZ, FL, CA and MI.

[olecapt]

Originally Posted by LIS123

I don't have the link or transcript, but just saw a commentary form someone from moodyseconomy.com on a show on CNBC (Open House, I believe was the name).

He thought the housing slump would continue through 2008 and on into 2009, with LV as one of the weaker markets, along with AZ, FL, CA and MI.

That is a reasonably prevalent view...but not based on very much as far as I can tell. The huge inventory I think argues against any significant price increase until 2009 or later. Says nothing however about volume which is really where the market is bad.

On the other hand the present trend is not sustainable very long. We are literally seeing the price of the median home sold go down at more than 1% a week. But what is happening is we are selling very little and of the lower price range heavily discounted. The rest of the market is kinda sitting there waiting for something to change.

[airics]

with all the new construction and openings around the strip, that equals jobs and more residents.. they will need a place to live so renting is good, and i think the prices will start to stabilize by summer....

[gulfer]

Thanks airics and Ole Capt. I had been wondering if you had wiggle room with the builder or not. Sounds like basically not. Just another piece for my puzzle I guess

[airics]

honestly, i would stay away from the new builds.. you can get ALOT more home for the same $ buying a bank owned prop.. i did.. + you get a backyard!

[AA702]

Top 10 Cities With Highest Foreclosure Rates in 3rd Quarter, 2007 — The Real Estate Bloggers

how good is this source? I always hear that LV has the highest forclosures?

[ackackack]

Originally Posted by airics

with all the new construction and openings around the strip, that equals jobs and more residents.. they will need a place to live so renting is good, and i think the prices will start to stabilize by summer....

What is your opinion of the market stabilizing by summer based on? Do you, or have you lived in Las Vegas for very long? New construction and mega casinos are nothing new here. Look around and it's easy to tell that most of what you see is relatively new. People have also been moving here in droves for many many years now, and yet with all of this, we still are stuck with a declining housing market. I think this is in part due to the low wages paid for the low-skilled positions that our biggest industry creates. Las Vegas valley homes aren't cheap anymore; I don't care how many $11/hour jobs these casinos create, it won't fix the housing problem here.

[AA702]

Originally Posted by ackackack

What is your opinion of the market stabilizing by summer based on? Do you, or have you lived in Las Vegas for very long? New construction and mega casinos are nothing new here. Look around and it's easy to tell that most of what you see is relatively new. People have also been moving here in droves for many many years now, and yet with all of this, we still are stuck with a declining housing market. I think this is in part due to the low wages paid for the low-skilled positions that our biggest industry creates. Las Vegas valley homes aren't cheap anymore; I don't care how many $11/hour jobs these casinos create, it won't fix the housing problem here.

I think the only fix for the housing market is a total market bottom out. All the new people that comming to town because of the lower paying jobs are not going to buy the homes in forclosure or the current inventory. Where are those thousands of people going to live? Are we going to see a large increase in rent because there is not enough housing? maybe..

[gulfer]

I wish that would happen right now. Would definately bring me off the fence. Either way, we'll be in the city on 2 February. Just got a nice vacation at the GrandView for 300.00 for 7 days, 6 nights. Already a win!!!

[jfkIII]

Originally Posted by gulfer

...Either way, we'll be in the city on 2 February. Just got a nice vacation at the GrandView for 300.00 for 7 days, 6 nights. Already a win!!!

you sound like a tourist...not a future resident!