[MN-Born-n-Raised]

Originally Posted by olecapt

... MNBNR throws in a new misstatement almost every time he opens his mouth.

While we are at it, what are my "misstatements"?? Since it happens about "every time I open my mouth", you should be able to rattle them off.

Go back and read the words that I actually typed. I know it is tempting to skim and assume what you thought I meant.

[olecapt]

Originally Posted by MN-Born-n-Raised

Psst.. I didn't post this. JOHNG72 did.

Maybe the "deficient intellect" lies within yourself. The fact that you skim versus reading the words might be one of the core problems in our "round-and-round" conversations.

I have not read your spring predictions. I don't care what you think other than to give a balance view to a salesman who seems to want to profit on the CD board by coming off as some expert. CD doesn't mind that; they promote it so I am not throwing stones.

I'm still waiting to hear how that expert did with his personal RE "investing". Not a peep! To me, I sure the H_ell don't want to trust his words as gospel.

Now let's get positive. I'll bet you are a great resource as to what properties a person would want to look at. In other words, I'd take your advice as an RE agent. But when it comes to predictions and investing, I would want to hear about your personal track record. I've observed your conspiracy theories and wrong predictions from Tony's posts. You have a one dimensional view point. Normally that is ALL you need but we are in uncharted territories.

Are we done YET???

Sorry but your verbage is so similar it is an easy mistake to make. Which of you is the sock puppet?

My interest in market direction is almost entirely driven by the need to offset the idiot doom and gloomers with reality. and my interest is entirely local and very narrow.

My investment results were perfect. I took the same advice I gave everyone else. Worked perfectly.

[olecapt]

Originally Posted by MN-Born-n-Raised

While we are at it, what are my "misstatements"?? Since it happens about "every time I open my mouth", you should be able to rattle them off.

Go back and read the words that I actually typed. I know it is tempting to skim and assume what you thought I meant.

Well a favorite is...

Las Vegas:
In September, a popular form of financing used by first-time home buyers – government-insured FHA loans – accounted for 53.8 percent of all home purchases, up from 52 percent in August. Absentee buyers bought 40.4 percent of all Las Vegas–area homes last month – the highest figure for any month this decade. Absentee buyers are often investors, but could include second-home buyers and others who, for various reasons, indicate at the time of sale that the property tax bill will be sent to a different address.

Think about that for a second: investors probably account for more purchases in Vegas than at the height of the bubble. Combined, these 2 forms of purchase account for 94% of all purchases in the "recovering" Vegas market. Who was saying that the 1st time buyer with their $8K credit wasn't a factor in Vegas housing "recovering" market??

Just explain the logic that leads you to the conclusion that absentee owners are a form of purchase and addable to the FHA home buyers. Should be fascinating.

[JohnG72]

Originally Posted by olecapt

Olecapt has been quite clear that we are in the bottom since spring. Even started a thread to that point.

You really have to have a deficient intellect or malice to miss it.

No, I did not miss it. And I have neither a deficient intellect, nor malice. That is why the link I post here was so mind boggling. I think maybe you are going senile. For certain you forget what you post.

And good god you post a lot. It took for ever to find this:

Originally Posted by Senor Olecapt

I am not sure whether or not we have seen the absolute bottom at this point.

Lunacy in Vegas Housing

[olecapt]

Originally Posted by JohnG72

No, I did not miss it. And I have neither a deficient intellect, nor malice. That is why the link I post here was so mind boggling. I think maybe you are going senile. For certain you forget what you post.

And good god you post a lot. It took for ever to find this:



Lunacy in Vegas Housing

No John. In simple words John we are bouncing along the bottom. The exact instant of change from up to down will not be known until we have trended well upward. It in no way detracts from the fact we appear to be solidly in the bottom. We await the turn up.

You need to discover context John. It is important.

[Swigchow]

Can someone start a new thread "Current Update on the Real Estate Market -- Part III" and we can start fresh with viewpoints and discussion on the real estate market rather than all this dribble?

[gtbguy]

Originally Posted by Swigchow

Can someone start a new thread "Current Update on the Real Estate Market -- Part III" and we can start fresh with viewpoints and discussion on the real estate market rather than all this dribble?

Olecap?

[Oleguy]

Not to change the subject but I have noticed a lot of what seems to be "flipping" now in the newer listings. Houses that closed in Sept and Oct of 09' being back on the market at $50k to $75k over the last close. If these sell at the latest prices it would indicate a firming of prices, or maybe just a blind rush to buy before they're all gone (tongue in cheek). Also looking at the tax records it seems there are a lot of "trusts" that own houses now. I guess investments with cash from the CD money thats not earning anything.

[olecapt]

Originally Posted by Oleguy

Not to change the subject but I have noticed a lot of what seems to be "flipping" now in the newer listings. Houses that closed in Sept and Oct of 09' being back on the market at $50k to $75k over the last close. If these sell at the latest prices it would indicate a firming of prices, or maybe just a blind rush to buy before they're all gone (tongue in cheek). Also looking at the tax records it seems there are a lot of "trusts" that own houses now. I guess investments with cash from the CD money thats not earning anything.

Have not seen any actual flipping...but have seen an arrangement where certain developers appear to be picking up houses cheaply off trustee sales, doing a doll up and reselling them. Some of these appear to be flips but they are not. Sometimes the trustee sale does not show.

These clearly involve the original lender and make it impossible to tell who is actually getting what. These could be skirting legal problems...particularly if there is a loan servicer involved. For instance it appears homes are changing hands for less than fair market likely with some quid pro quo. That might violate the transfer tax law. There may however be some form of a wholesale arrangement at reduced price which could be entirely above board. You would have to see the actual arrangements made...which are unlikely to be public.

[J78Jason]

Originally Posted by Oleguy

Not to change the subject but I have noticed a lot of what seems to be "flipping" now in the newer listings. Houses that closed in Sept and Oct of 09' being back on the market at $50k to $75k over the last close. If these sell at the latest prices it would indicate a firming of prices, or maybe just a blind rush to buy before they're all gone (tongue in cheek). Also looking at the tax records it seems there are a lot of "trusts" that own houses now. I guess investments with cash from the CD money thats not earning anything.

Yeah it's worrisome that so many people buying these houses aren't actually living in them, or that they're strictly investments/flips. Just seems very similar to the market in 2006, albeit with cash buyers and much lower prices/risk.

I think it's a normal and necessary phase of the cycle, but I don't see how the market can make significant strides upward until there is a real demand from locals with secure incomes, and enough jobs for people to move here and find work, and that just doesn't seem like it's going to happen for a year or two at the earliest.