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Old 06-11-2009, 10:14 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,212,370 times
Reputation: 2661

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Quote:
Originally Posted by tony soprano View Post
DM3, now that's bringing the tech. I was looking for the prime loan data myself a couple of weeks ago and ran across the following article -

Prime loan default rates double - The Boston Globe

Nevada Tony...Nevada...

There are any number of substantial problems tearing their way through the social fabric. But we care about Las Vegas and Nevada...and most ly about Las Vegas.

The present trend says that REO inventory is decreasing relatively fast. See the blog.

We continue to hear that the big blast is coming. As Daddy3 agrees there is no way the banks have any large inventory to dump.

So it appears we are starving on REOs and the starvation will continue to worsen for the immediate future. Price appears to be leveling.

What happens next?

Stay tuned..

Interesting times.
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Old 06-11-2009, 10:26 PM
 
1,347 posts, read 2,449,050 times
Reputation: 498
Quote:
Originally Posted by olecapt View Post
Nevada Tony...Nevada...

There are any number of substantial problems tearing their way through the social fabric. But we care about Las Vegas and Nevada...and most ly about Las Vegas.
Wasn't that your same refrain back in 2006? Real Estate is local, Las Vegas will be fine. How did that work out for you?
Quote:
The present trend says that REO inventory is decreasing relatively fast. See the blog.
Can't trust the data collection or interpretation. Sorry.
Quote:
We continue to hear that the big blast is coming. As Daddy3 agrees there is no way the banks have any large inventory to dump.

So it appears we are starving on REOs and the starvation will continue to worsen for the immediate future. Price appears to be leveling.
Leveling? Perhaps. The cratering has certainly slowed.
Quote:

What happens next?

Stay tuned..

Interesting times.
Something's got to give.
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Old 06-11-2009, 10:32 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,212,370 times
Reputation: 2661
Quote:
Originally Posted by tony soprano View Post
Wasn't that your same refrain back in 2006? Real Estate is local, Las Vegas will be fine. How did that work out for you?Can't trust the data collection or interpretation. Sorry.
Leveling? Perhaps. The cratering has certainly slowed.Something's got to give.
My Gosh...you are becoming a believer grasshopper
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Old 06-12-2009, 12:19 AM
 
4,538 posts, read 10,632,544 times
Reputation: 4073
DaddysM3 that was an awesome post! Thanks for that!
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Old 06-12-2009, 03:57 AM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 953,437 times
Reputation: 217
Quote:
Originally Posted by JohnG72 View Post
DaddysM3 that was an awesome post! Thanks for that!
+1 excellent post...as an engineer I like seeing data and not a bunch of BS.
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Old 06-12-2009, 08:49 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,849,438 times
Reputation: 958
Quote:
Originally Posted by JohnG72 View Post
DaddysM3 that was an awesome post! Thanks for that!
Quote:
Originally Posted by gtbguy View Post
+1 excellent post...as an engineer I like seeing data and not a bunch of BS.
No problem guys. If you follow the link to the NY Fed website, you can check out the excel spreadsheets for yourself. There was some info I did not write here, like the Alt-A ARM info and I didn't even bother to look at the subprime spreadsheet (it should be all but gone out here now).
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Old 06-12-2009, 02:57 PM
 
57 posts, read 127,538 times
Reputation: 39
Question Time to buy a house???

Back before the bubble burst and prices dropped, I did a search for homes that I could afford ($100K) and got NOTHING. Now I am getting daily emails of long lists of homes for $50K and up...

I am 58 years old and retired from the Air Force and am on SS disability so my income is pretty much static since it won't be going up much or have any chance of going up. My yearly income is about $30K (one of the reasons I can only afford a $100K home)...

Now that the greedy bastards who inflated the price of homes to stupid levels have gotten their undies yanked up over their heads, and home prices are now down where they should be, I want to buy a house. I am thinking of using a VA loan since being on disability, I do not have much savings worth using, plus what little savings I do have will have to go to buy furnishings for the house.

Presently I am sharing expenses ($700 bucks a month) with a friend and living in her Manufactured Home in a 55 and older Park. I am getting tired of her complaining about my stuff being in the way and wanting it moved so will have to rent a storage unit...

So asking what suggestions you all have....
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Old 06-12-2009, 03:59 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,212,370 times
Reputation: 2661
Quote:
Originally Posted by Gomezy3k View Post
Back before the bubble burst and prices dropped, I did a search for homes that I could afford ($100K) and got NOTHING. Now I am getting daily emails of long lists of homes for $50K and up...

I am 58 years old and retired from the Air Force and am on SS disability so my income is pretty much static since it won't be going up much or have any chance of going up. My yearly income is about $30K (one of the reasons I can only afford a $100K home)...

Now that the greedy bastards who inflated the price of homes to stupid levels have gotten their undies yanked up over their heads, and home prices are now down where they should be, I want to buy a house. I am thinking of using a VA loan since being on disability, I do not have much savings worth using, plus what little savings I do have will have to go to buy furnishings for the house.

Presently I am sharing expenses ($700 bucks a month) with a friend and living in her Manufactured Home in a 55 and older Park. I am getting tired of her complaining about my stuff being in the way and wanting it moved so will have to rent a storage unit...

So asking what suggestions you all have....
You the Gomez I think you are?

In general you can do OK on a VA. Won't work at the low end of the range...below 75K it is practically impossible to buy anything VA or FHA. The cash investors clobber everybody. see...

http://www.donohueteam.com/Realtor/R...s/Lowendct.htm

VA begins workable above 75K.

There are also lots of condos in your range. Be careful of high fees.

Expect a competitive market place. Below 100K everything is multiple offers.

You should also consider HUD. There are not a huge number of them but they are initially off limits to investors...so you can buy one without getting outbid by an investor. See...


MCB

You can do pretty well out toward Nellis if you can handle the neighborhoods...some pretty nice homes under 100K. It is also the low end of the NW.
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Old 06-12-2009, 04:29 PM
 
9,848 posts, read 8,284,533 times
Reputation: 3296
Olecapt......?
While looking into various properties, I was wondering about where the plumbing comes into these homes. In CA they run the water through the walls if there is a cement pad, they don't run mains in or under cement pads because of the difficulty it makes to repair or replace things.
How does it work in Vegas and does it depend on the year of the property?
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Old 06-12-2009, 04:37 PM
 
57 posts, read 127,538 times
Reputation: 39
Quote:
Originally Posted by olecapt View Post
You the Gomez I think you are?

In general you can do OK on a VA. Won't work at the low end of the range...below 75K it is practically impossible to buy anything VA or FHA. The cash investors clobber everybody. see...

http://www.donohueteam.com/Realtor/R...s/Lowendct.htm

VA begins workable above 75K.

There are also lots of condos in your range. Be careful of high fees.

Expect a competitive market place. Below 100K everything is multiple offers.

You should also consider HUD. There are not a huge number of them but they are initially off limits to investors...so you can buy one without getting outbid by an investor. See...


MCB

You can do pretty well out toward Nellis if you can handle the neighborhoods...some pretty nice homes under 100K. It is also the low end of the NW.

Hi Cappy whats up? Yeah it's me... You can't get away from me... Anyway thanks for the info... I am in process of talking with a company the VA forwarded my info to so am just in beginning stages at moment...
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