[RCCCB]

After the Obama moratorium on foreclosures went bust I heard all these homes were going to kind of flood onto the market, when does any of that happen?

[airics]

tomorrow.. 3pm vegas time

[gtbguy]

Originally Posted by ocean2026

Here's a good link- las vegas 2nd wave of foreclosures hitting this year - prediction 27% decline in prices.
Nevada Housing, Las Vegas, Reno, Lake Tahoe, Carson City

I read these guys now and then and they are pretty accurate.

As much as I would like to believe we are close to the bottom, I think this article is probably closer to reality than some want to believe on this forum. There are lots of shorts that will eventually turn into foreclosures and the banks can continue to put a few out at a time but there will still be many, many homes available to buy. Obviously, with lots of inventoy will keep the prices low and probably heading lower. I don't think down another 27% though.

[airics]

do i think we are close to the bottom meaning the end of the foreclosures, no way.. as for price, i think the lower end (150 and under) is very close if not at the bottom.. the higher stuff and certain areas (mountains edge) i think will still fall

[gtbguy]

Originally Posted by airics

do i think we are close to the bottom meaning the end of the foreclosures, no way.. as for price, i think the lower end (150 and under) is very close if not at the bottom.. the higher stuff and certain areas (mountains edge) i think will still fall

Why do you think we are close to the bottom with the price range up to $150K? There are still plenty of homes including that price point that are currently shorts and will eventually turn into foreclosures. I don't think another 27% lower though. As for the more expensive homes say above $500k, this will become very interesting......just how long can banks keep them on the books? I doubt they are seeing multiple offers!

[airics]

i just don't see the 200k homes (in 06) being 50k....this is just so weird. the banks caused this so who knows.. pretty soon you'll be able to buy a house in cleveland or detroit for 10k.... oh wait you already can

[skisickie]

does anyone ever trust their gut feeling? LOL
I had a feeling and bought a home March 17th. I think it was gas that I was feeling now.

[gtbguy]

Originally Posted by skisickie

does anyone ever trust their gut feeling? LOL
I had a feeling and bought a home March 17th. I think it was gas that I was feeling now.

At least you already bought something. I'm still trying!

[skisickie]

I really do love my home, the neighbors, the space etc. I am just kidding about my gut feeling btw. I watch the market for a living.

[dmilll]

Originally Posted by gtbguy

Why do you think we are close to the bottom with the price range up to $150K? There are still plenty of homes including that price point that are currently shorts and will eventually turn into foreclosures. I don't think another 27% lower though. As for the more expensive homes say above $500k, this will become very interesting......just how long can banks keep them on the books? I doubt they are seeing multiple offers!

I agree that it's premature to say a bottom has been reached in any price tier. There are still a number of outside factors to consider that really have not played out yet.

As an example, take today's WSJ article about the bond market and rising yields.

Rise in Rates Jolts Markets

"Treasury yields and mortgage rates surged Wednesday to their highest levels since November, dealing a blow to the Federal Reserve's efforts to stimulate the economy by keeping borrowing costs low."

IMHO, it's still anyone’s guess how the TRILLIONS in borrowing will affect the economy. If interest rates rise significantly down the line, I just don't see prices going back up to what some may expect...