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Old 08-10-2009, 08:07 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661

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Quote:
Originally Posted by tony soprano View Post
Well, the July data came and went without much fanfare but for those who are keeping track, Vegas median SFR prices were down sequentially in July.
The median was done by very little. More interestingly the average was down by a reasonably large amount.

However condo average and median was up.

The higher end places are beginning to give up part of the differential they have on the low end.

We are in the bottom and bouncing along.
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Old 08-10-2009, 10:43 PM
 
Location: Fort Worth and Las Vegas
255 posts, read 557,033 times
Reputation: 73
The Vegas way out:
A study shows more homeowners here are willing to default on their mortgages, even if they could pay

The Vegas way out - Las Vegas Sun
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Old 08-10-2009, 11:55 PM
 
75 posts, read 95,222 times
Reputation: 23
They got back with me this afternoon. They said it is going to auction. Then they called back and my agent said that the broker said he will try to get them to accept my offer before the auction scheduled for the end of August.
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Old 08-11-2009, 06:45 AM
 
762 posts, read 1,562,577 times
Reputation: 530
If you were to buy a car and then 2 weeks later find out that it was not worth as much as you paid would you walk away? People are putting themselves in a place they do not want to know about by walking away just because their home has lost equity.
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Old 08-11-2009, 08:14 AM
 
75 posts, read 95,222 times
Reputation: 23
I have very good credit. If I owed double, what my home was worth, I would walk away. I bought my condo for 35K; the list was 45,000. As much as you all encouraged me to overbid; I just couldn't do it. I wish some of the people giving out financil advice on this forum, would post therir credit score, or tell us how upside down they are on their homes. Some of the biggest cheerleaders for over bidding, came from people whoe are 200K+ UPSIDE DOWN.
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Old 08-11-2009, 11:02 AM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 10,688,069 times
Reputation: 637
we just purchased a house for 57,900, it was listed at 59,900, we offered, 55,900, they countered with the 57,900, they are also giving us 1500 towards closing costs or appliances...

its a foreclosure and attached, its in great condition, just needs appliances, paint, and minor backyard cleaning...

the HOA takes care of the front lawn, park, trails, pool, tennis courts, and basketball courts, and its all one story...

so it is possible to buy a house under listing price
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Old 08-11-2009, 01:14 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by lvkewlkid View Post
we just purchased a house for 57,900, it was listed at 59,900, we offered, 55,900, they countered with the 57,900, they are also giving us 1500 towards closing costs or appliances...

its a foreclosure and attached, its in great condition, just needs appliances, paint, and minor backyard cleaning...

the HOA takes care of the front lawn, park, trails, pool, tennis courts, and basketball courts, and its all one story...

so it is possible to buy a house under listing price
In the last month those houses listed for $59,900 of which there are 44 total sold at an average price of $60,136. 34 sold for cash, 4 conventional and 6 FHA. Three sold below $50K all for cash. So yeah it can be done but it is not easy.
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Old 08-11-2009, 01:55 PM
 
Location: Las Vegas
328 posts, read 726,477 times
Reputation: 158
Quote:
Originally Posted by lvkewlkid View Post
we just purchased a house for 57,900, it was listed at 59,900, we offered, 55,900, they countered with the 57,900, they are also giving us 1500 towards closing costs or appliances...

its a foreclosure and attached, its in great condition, just needs appliances, paint, and minor backyard cleaning...

the HOA takes care of the front lawn, park, trails, pool, tennis courts, and basketball courts, and its all one story...

so it is possible to buy a house under listing price
What zip code? Do they have more homes for sale there?
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Old 08-11-2009, 05:37 PM
 
Location: Rockport Texas from El Paso
2,601 posts, read 8,522,953 times
Reputation: 1606
Olecap - prices are still going down just not as rapidly - june prices decreased by .9% that is not good -its just in Las Vegas which is used to so much worse - it may be acceptable. I knew you were wrong when you called a bottom a couple of months ago. Bottom means bottom- losing .9% a month is like losing 10% over a year - horrible for housing- but somewhat acceptable as it is an improvement.
July home sales in Las Vegas close to June's record numbers - Breaking News - ReviewJournal.com
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Old 08-11-2009, 06:52 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by ocean2026 View Post
Olecap - prices are still going down just not as rapidly - june prices decreased by .9% that is not good -its just in Las Vegas which is used to so much worse - it may be acceptable. I knew you were wrong when you called a bottom a couple of months ago. Bottom means bottom- losing .9% a month is like losing 10% over a year - horrible for housing- but somewhat acceptable as it is an improvement.
July home sales in Las Vegas close to June's record numbers - Breaking News - ReviewJournal.com
Well two things. It looks to be as if the price is continuing to drop slowly...and August looks like it is going down further.

The other interesting thing is that trustee sales did surge in the second half of July. Looks to me like the average is now running along at 140 per business day which is likely sufficient to hold or increase the REO inventory.

The counter is relatively strong growth in Phoenix and So CA.

Stay tuned...interesting times.
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