[sheriff]

Agent attacked---be careful folks; Las Vegas Now | Attack on Real Estate Agent Has Other Realtors on Alert

[BUGBULLY]

Originally Posted by sheriff

Agent attacked---be careful folks; Las Vegas Now | Attack on Real Estate Agent Has Other Realtors on Alert

We do a lot of termite inspections on repo homes. Some of my techs have encountered a couple of people in homes. Luckily no one was hurt. We always notified the Realtor to let them know that someone was in the home. One of the companies actually told us, that it was someone they had paid. I think it was a homeless person. We always let the Realtors know if there was a window or door broken, water running, anything that seemed out of place in the home.

[sheriff]

With an apparent 5% vacancy rate of "houses"; this would seem to present a very good option to the homeless living on the street.

[jpk]

Could be worse, in Detroit reposessed homes get completely torn down by thieves who steal the copper pipes in the walls to sell for scrap. Windows, doors, everything gets taken if they know the home is unoccupied. Yeeesh, it's like the looting that happens during a riot only in your neighborhood.

[sheriff]

Originally Posted by jpk

Could be worse, in Detroit reposessed homes get completely torn down by thieves who steal the copper pipes in the walls to sell for scrap. Windows, doors, everything gets taken if they know the home is unoccupied. Yeeesh, it's like the looting that happens during a riot only in your neighborhood.

these guys claim LV is again #1: Embarq offers $5,000 reward copper theft arrests | U.S. | Reuters

[Coop01]

Originally Posted by Suited_Up

That looks like good news for people like me who are just getting in the market to buy a place out there. Wonder how long we have before we miss the chance?

Personally, I want to go asap, but there's the problem of having my gf find a job as well as figure out what to do with our place here in Chicago.

But as a buyer, this seems like pretty good news.

Unless you are paying cash, get your job and settle in. The prices are going to get a lot better for buyers this summer. This correction has just begun.
Tilson gives some credible evidence that only the first wave of defaults from mortgages written in 2005 has hit the market. An increase in shaky mortgages were written in 2006 and 2007.

A friend said that he did the numbers for his home in Las Vegas (he is way underwater) and even though he can just make the payments, the lender won't even talk to him about refinancing at a more reasonable rate so he is considering "walking away"
http://www.tilsonfunds.com/The%20wor...%20quality.pdf

[VegasResident]

In looking at the specific resale Las Vegas data from NARREIA, the month over month is actually starting to improve with DOM decreasing and supply for resales in the under $300K down to about 120 days and $300-450 under 150 days. At one point earlier last year it was over 350 days. It is time that we stop trying to compare back to 2004,05,06 and even the beginning of 07 to determine the state of the market. It really is becoming a month over month thing. Prices have even stabilized a bit only fluctuating a few hundred in a week as opposed to a couple thousand. Demand has also increased.

Also we have to remember that houses went up over 50% in the boom so who care if it drops 40%? Well except the people that bought with ARMS when it was already up over 50%............

[VegasResident]

Originally Posted by olecapt

The Sun has gone super nova!! In a mere 27 minutes earth is a fried chicken leg.

But if it does not happen one might still buy or sell RE in Las Vegas.

Galatic happenings may change the face of everything. But they are so momentous that it does little good to plain, at least until after the fact,

Actually, short of running out and putting all your assets in Kruger Rands...what are you going to do?

And I hear even the Rands may melt.

Now that is funny! I like your style!

One has to only look at quotes from analysts over the past 80 years to see how many doom and gloom forecasts were made each time. Oh and lets not forget all the forecasts that Vegas cant sustain any more hotels...was that in 1950?

Dang....where are my krugerands?

[Daddys///M3]

Originally Posted by Coop01

Unless you are paying cash, get your job and settle in. The prices are going to get a lot better for buyers this summer. This correction has just begun.
Tilson gives some credible evidence that only the first wave of defaults from mortgages written in 2005 has hit the market. An increase in shaky mortgages were written in 2006 and 2007.

A friend said that he did the numbers for his home in Las Vegas (he is way underwater) and even though he can just make the payments, the lender won't even talk to him about refinancing at a more reasonable rate so he is considering "walking away"
http://www.tilsonfunds.com/The%20wor...%20quality.pdf

I would love to see the evidence that Tilson looked at regarding lending standards vis a vis mortgage securities. I find it hard to believe that ANYONE could compile that type of data, considering that many investment banks, government entities, and lenders are having a hard time sorting out what loan is in what CMO, and the subsequent value of said CMO's. I can tell you from firsthand experience that the lending standards and underwriting guidelines started to tighten up in 4Q 2006, continuing through to the present. How do I know this? I am a mortgage banker, and have witnessed first hand the changes that have been made over the course of the last year and a half with regards to the tightening of lending guidelines as well as the tightening of mortgage insurance guidelines.

On another note, I can't make any definitive statements regarding your friend's situation since I don't know the details. However, I will say that if your friend is considering walking away because they feel slighted that they are upside down (no money down will do that to you) and the lender will not allow them to modify their loan terms to a lower rate, and not because they are in any imminent danger of default or foreclosure, then I think that your friend is very irresponsible and selfish. Although they will feel the reprecussions temporarily, the community will deal with it a little more long term and the reprecussions will be widespread.

[ClarkGrisowld]

Originally Posted by VegasResident

Also we have to remember that houses went up over 50% in the boom so who care if it drops 40%? Well except the people that bought with ARMS when it was already up over 50%............

Bad example...Might want to check your math there. If your home went up 50% and then dropped 40%, that's a 10% loss.