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Old 11-13-2011, 10:21 PM
 
35 posts, read 38,556 times
Reputation: 88

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Quote:
Originally Posted by eventusstultorummagister View Post
(89134) has the lowest foreclosure rate in Clark County. Check out the foreclosure map here:

New analysis shows foreclosures still plague parts of valley - Business - ReviewJournal.com

"Not that many in ZIP code 89134, which has the valley's lowest foreclosure rate of 5 percent, or 674 homes.
Why? It's predominantly Sun City Summerlin, where many retirees paid cash for their homes, Murphy said. The median price for a home in 89134 was $176,500 in 2010, compared with $294,117 in 2007, SalesTraq reported.
Las Vegas might have an even higher foreclosure rate if weren't for the large population of retirees, many of whom do not have a mortgage and thus can't be "underwater" on their homes".
That was all of north Summerlin. 89134 was to provide a location. 79 homes of which 2 were in Suin City.
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Old 11-14-2011, 08:58 AM
 
Location: North Las Vegas
1,631 posts, read 3,952,539 times
Reputation: 768
Quote:
Originally Posted by von949 View Post
Thought that this was an interesting article about a local's story of the housing boom era. Went from "having" everything to pretty much loosing it all.

How a Financial Pro Lost His House - Yahoo! Finance (http://finance.yahoo.com/news/financial-pro-lost-house-191003606.html - broken link)
Thank you for sharing this article it really spells out what people did during the boom and what there going through because of it.
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Old 11-14-2011, 09:32 AM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,160,812 times
Reputation: 3900
Quote:
Originally Posted by 007 license to sell View Post
Thank you for sharing this article it really spells out what people did during the boom and what there going through because of it.
You are welcome. I found it on Yahoo home page of all places. You would think an article like this would be posted on LVSun, LVRJ or at least FOX5 web site.
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Old 11-14-2011, 09:36 AM
 
28,803 posts, read 47,711,118 times
Reputation: 37905
That article is pretty much the exact opposite of how Mrs. Tek and I have handled our finances for our entire lives.
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Old 11-14-2011, 10:25 PM
 
Location: Carlsbad, CA
55 posts, read 80,962 times
Reputation: 93
Win some.....lose a lot?
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Old 11-15-2011, 09:53 AM
 
28,803 posts, read 47,711,118 times
Reputation: 37905
Quote:
Originally Posted by MovinOnNow View Post
Win some.....lose a lot?
If that's aimed at me - win some, win some. As a result of how conservative we have been we are now financially set for the rest of our lives - unless we live past 100. At that point I'm betting we won't care...
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Old 11-15-2011, 11:16 AM
 
2,076 posts, read 4,074,841 times
Reputation: 2589
As a counter point, I've seen several people who gambled big on real estate, busted, and still got out way ahead of the conservative types.

Case in point, I was going after an auction property I was interested in for quite awhile. The owner had bought the property on a no-down, no-doc loan for $500k during the boom to use as a rental. He also had a ~1 million primary residence, a piece of commercial property he bought pre-boom, and a vacation condo in Brianhead he bought during the boom for ~300k.

He ended up declaring chapter 11 bankruptcy (he had a side business which wasn't his main source of income, but allowed him to file chapter 11). He had all the properties appraised and filed to essentially have the loans forcefully adjusted down to currently market value since he suggested the loan was now only secured up to current market value and the remaining balance should be removed as an unsecured line of credit via the bankruptcy, even though it was only one loan, he essentially viewed it as a secured and unsecured part.

Bottom line, at least on the property I was attempted to get at auction, the lender agreed to mod his loan down to current market value and move him to a fixed rate loan. He also had to pay no interest or penalties for the 18 months he didn't pay his mortgage.

I stopped paying attention at that point, but he was attempting this tactic on all his properties and it seemed to be working. All the info was culled from public bankruptcy records.

So basically he got to gamble, lose, and get bailed out.


Quote:
Originally Posted by 007 license to sell View Post
Thank you for sharing this article it really spells out what people did during the boom and what there going through because of it.
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Old 11-15-2011, 11:09 PM
 
347 posts, read 542,665 times
Reputation: 346
Quote:
Originally Posted by von949 View Post
Thought that this was an interesting article about a local's story of the housing boom era. Went from "having" everything to pretty much loosing it all.

How a Financial Pro Lost His House - Yahoo! Finance (http://finance.yahoo.com/news/financial-pro-lost-house-191003606.html - broken link)
I can't believe that the NYT has turned into a bunch of bull. This article is nothing but an advertisement for this idiots book. He's not a Financial Pro at all. He's just another salesman who sells people on financial products, nothing different from a car, timeshare salesman.

How does a CFP not run any numbers on a home purchase and just agree to trust a mortgage broker at his word? He's selling you a product (car/timeshare) and he gets paid on it, why wouldn't you verify his claims?

He also had the chance to get the F*CKOut of his home when the market began to tank but he rode it all the way down. At one point his home should have been worth near 950K, he could have sold it on the way down around 700K+. At that point, he could have gotten control of his spending and life but decided we are just going to continue to spend and not make mortgage payments until this crazy ride ends.

CFP = Certified Foolish Pawn
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Old 11-17-2011, 04:27 AM
 
2,724 posts, read 4,765,085 times
Reputation: 1042
It appears some feet will be held to the fire...

2 title officers indicted in alleged robo-signing scheme - Wednesday, Nov. 16, 2011 | 4:09 p.m. - VEGAS INC
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Old 11-18-2011, 09:03 AM
 
Location: North Las Vegas
1,631 posts, read 3,952,539 times
Reputation: 768
As a potential buyer or someone that purchased a foreclosure a few years ago or even lately you will want to what this news article that was done on Channel 8.

<LI id=mbb4 class=g>I-Team Investigative Reports


<LI class=g>Source Channel 8 news


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