[007 license to sell]

There are 10 hot spots that foreign investors are currently investing in and Vegas is one of them.
Global investors have been purchasing in and around Las Vegas and other states, this article breaks down what the global investor is looking for what percentage of all purchases are by global investors and why they are purchasing here and other parts of the US.

http://www.inman.com/reports/global-buyers#continueintro

[modhatter]

From Bank of America
"How it will work is those individuals entering the Mortgage to Lease program will transfer property titles to the bank and their mortgage debt will be forgiven. In exchange for this transfer, the homeowner will become a tenant for up to three years "at or below the current market rental rate."

Read more: Bank of America tests 'Mortgage to Lease' plan for foreclosures

Lucky them. Who sitting with a $300,000 mortgage worth $140,000 wouldn't want that deal. I understand the banks reasoning (which isn't to help the homeowner. That's PR talk.) It keeps the home from going to pot after they get the title back with cash flow coming in, and time to line up a new buyer, who will be found prior to the lease being terminated. I am sure it will include stipulations that the property is to be maintained inside and out, and that forgiveness of loan will not be made without those conditions met. Also, they would have to agree to make the home available to be seen by potential buyers for a period of time before the end of their lease. It is a win win situation for everyone, but how many more people will be motivated to let there home go into foreclosure to take advantage of that deal?

I would expect the bank to chose to offer this to only the best homes in the best neighborhoods, and best potential renter. That's just my opinion though.

[eventusstultorummagister]

Originally Posted by TheGreatCurve

What do you mean by "restore the housing market"? Restore it to what? 2006 prices? That was an aberration. It wasn't real. Now if you meant restore it back to 1972 prices, then that makes sense because a house has done nothing in that time but get older, more out-dated, and wear out, so there's no reason it should appreciate in value.

And how about we round up all the greedy people who bought houses during the bubble because they were greedy and wanted to buy a house and flip it in a couple of years to make a killing?

Just saw this and want to clarify...

"Restore the housing market" = Allowing Americans access to prudent mortgage lending standards, disbursement of housing stock backlog and resumption of demand based new construction starts.

[eventusstultorummagister]

Las Vegas homes prices hit new record lows according to latest Case/Shiller price indices...

[007 license to sell]

Are Las Vegas home prices still declining? Reports differ

Las Vegas Perspective offers portrait of 'many communities'

[SportyandMisty]

Everyone knows that real estate prices only go up.

[logline]

Conversely, the inventory picture is weirdly out of whack lately. As of today, there are literally NO active sale listings available at Boca Raton Condos. That has never happened before.

[binionrat]

Good article 007 Licence to Sell...We were talking among friends the other night here in Canada and realized that 1 out of every 5 in our block have purchased a condo or house in either Arizona or Nevada in the last year or so. Interesting your article said 23% have been bought by Canadians alone. As I previously stated in another post that when we can buy a condo for 1/2 the price of a new truck up here, why not. We don't rent them out and it is not an investment and in our case, we like it vacant. We have a place to stay and retire to in a couple years and pass on to our kids. Yes it looks like there are lots of vacant places but we are still paying taxes, HOA fees, utilities, and spending our hard earned paycheques when visiting throughout the years and pension cheques when living in Nevada 6 out of 12 months instead of in our own country and enjoy being unemployed and retired. One comment our neighbor made is "What happens when everything is sold in Vegas to foreigners (although I hate being referred to as that) and there's nothing left for those who foreclosed to buy back at a reasonable price?" I sure know I'm never selling no matter how much the price goes up.

[JohnG72]

Too much inventory for that to happen.

What's publicly listed is NOT the total inventory... Not by a longshot.

[ScoopLV]

Originally Posted by binionrat

We were talking among friends the other night here in Canada and realized that 1 out of every 5 in our block have purchased a condo or house in either Arizona or Nevada in the last year or so. Interesting your article said 23% have been bought by Canadians alone. As I previously stated in another post that when we can buy a condo for 1/2 the price of a new truck up here, why not.
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.
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One comment our neighbor made is "What happens when everything is sold in Vegas to foreigners (although I hate being referred to as that) and there's nothing left for those who foreclosed to buy back at a reasonable price?" I sure know I'm never selling no matter how much the price goes up.

I wouldn't worry. A lot of your neighbors will discover that long-distance property ownership is a hassle. Some will decide that it's too much of a hassle and sell. And we have so many vacant properties that all of Saskatchewan could buy a condo or cheap house and we'd still have plenty to spare.

There is a bonus to foreign ownership of US property -- you're going to come here and bring your money with you. You'll support the local economy with your purchases, and you'll support the local government through property taxes -- and you're not getting the homestead exemption, so you're paying full freight. And you'll come here to Las Vegas instead of flying to Thailand or Morocco, because you've got to check up on your place.

Basically, we get your cash, and eventually one of your heirs will get sick of the property and sell it. So we'll get the property back, too.

Win win for the US. And you get a nice place in the sun, so win win for you, too. Everybody's happy that way.