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Old 05-28-2009, 02:11 PM
 
9,848 posts, read 8,284,533 times
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There are homes going as low as 67k in the Los Angeles 90001 area.
25% of the tenants in a building I am familiar with in 90212 have lost their jobs.
I know Las Vegas like everywhere else has lots of RE inventory and tough times.

When there is supposedly 19000+ additional foreclosures the banks are waiting to unload in Vegas, how do they avoid dumping it all on the market for sale instead of handfuls at a time?
These financial institutions have many states of inventory in addition to the Las Vegas area.
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Old 05-28-2009, 03:39 PM
 
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Lest I be forever pigeonholed as a perpetual pessimist - The bullish case for Vegas RE.

The Bottom for the Las Vegas Real Estate Market Has Finally Arrived!
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Old 05-28-2009, 03:42 PM
 
Location: Here and there, you decide.
12,908 posts, read 28,001,815 times
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so when does my house go back to 2006 levels, i hope next week!
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Old 05-28-2009, 04:45 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,212,370 times
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Quote:
Originally Posted by tony soprano View Post
Lest I be forever pigeonholed as a perpetual pessimist - The bullish case for Vegas RE.

The Bottom for the Las Vegas Real Estate Market Has Finally Arrived!
So you like it when it comes from other agents but not when it comes from me?

His conclusion may be correct though still too early. However his numbers and thesis are off the wall. There were not 7700 foreclosures in March...there were about 1850...and so on.
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Old 05-28-2009, 06:39 PM
 
1,347 posts, read 2,449,050 times
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Quote:
Originally Posted by olecapt View Post
So you like it when it comes from other agents but not when it comes from me?

His conclusion may be correct though still too early. However his numbers and thesis are off the wall. There were not 7700 foreclosures in March...there were about 1850...and so on.
No, I don't really lend his thesis much weight either. What we've seen thus far has primarily been a subprime and speculator washout. The next potential leg down are people losing their homes because of unemployment. We've lost on average 665K jobs a month this year and unemployment is almost assuredly heading higher. Never mind the alt-a resets to come, foreclosure numbers are on the rise in the prime market segment. In sum, I believe his call is likely early.
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Old 05-28-2009, 07:45 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,212,370 times
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Quote:
Originally Posted by tony soprano View Post
No, I don't really lend his thesis much weight either. What we've seen thus far has primarily been a subprime and speculator washout. The next potential leg down are people losing their homes because of unemployment. We've lost on average 665K jobs a month this year and unemployment is almost assuredly heading higher. Never mind the alt-a resets to come, foreclosure numbers are on the rise in the prime market segment. In sum, I believe his call is likely early.
That would be US data. I am more positive on LV. Not because it is doing better but actually because LV had a lot more front end damage. We no longer have a residental construction industry to wipe out...and city center and others are coming on line.

It won't take long to find out..next 90 days will give us a good view. And it still appears we are running out of REOs...watch the blog. I am very interested in how the end of month works out.
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Old 05-28-2009, 07:58 PM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 953,437 times
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Quote:
Originally Posted by olecapt View Post
And it still appears we are running out of REOs...watch the blog. I am very interested in how the end of month works out.
What about the REOs that are still NOT on the market? The banks are holding on for some reason and there are still many REOs still to come onto the market. Will there be enough buyers to keep buying them at the pace they are? It will be interesting if this buying can sustain.
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Old 05-28-2009, 08:23 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,212,370 times
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Originally Posted by gtbguy View Post
What about the REOs that are still NOT on the market? The banks are holding on for some reason and there are still many REOs still to come onto the market. Will there be enough buyers to keep buying them at the pace they are? It will be interesting if this buying can sustain.
The number of homes owned by the banks and not on the market is less than 4000 and is down over a 1000 so far this year. That big hold back is all myth. And it is easy to find out. Ownership of property in Nevada is a public record.
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Old 05-28-2009, 09:15 PM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 953,437 times
Reputation: 217
Quote:
Originally Posted by olecapt View Post
The number of homes owned by the banks and not on the market is less than 4000 and is down over a 1000 so far this year. That big hold back is all myth. And it is easy to find out. Ownership of property in Nevada is a public record.
If that is true then the media has really been blowing this whole foreclosure thing way out! The media has everybody believing there are many many more foreclosures to come, including Vegas. They're probably lying about unemployment figures also. You can't believe ANYTHING you read.
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Old 05-28-2009, 09:41 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,212,370 times
Reputation: 2661
Quote:
Originally Posted by gtbguy View Post
If that is true then the media has really been blowing this whole foreclosure thing way out! The media has everybody believing there are many many more foreclosures to come, including Vegas. They're probably lying about unemployment figures also. You can't believe ANYTHING you read.
Hey my boss's, boss's, boss told everybody the other day that there were 20,000 REOs ready to drop. He heard it on the internet.

What can I tell you? The discipline is filled with salesman. There are great Real Estate professionals but they never make any money...so nobody even remembers them.

My boss's boss's boss is a really great salesman...
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