[LVPoker1]

Originally Posted by eventusstultorummagister

Prior to Oct. 2011, there were @15,000 homes for sale each month, now, in the month of May, there are less than 3000. Meanwhile, prices have not increased substantially...

I'm not sure what you mean by substantially. My house is up 5-10% since that time. The comps make me think I could get what I paid for it in Oct 2010, after probably being in the hole 10% or so.

My neighborhood has one house for sale in in it, and no vacancies AFAIK. At one point last year there were over 10 for sale at the same time. From these eyes things are vastly improving, at least where I am.

I am neither a RE agent nor their kool aid drinker. This is just an observation from someone that follows my asset values closely.

[eventusstultorummagister]

Originally Posted by LVPoker1

My neighborhood has one house for sale in in it, and no vacancies AFAIK.

I would be curious to know how many are living mortgage payment free. The banks are keeping these loans on the books in an effort to hoodwink their shareholders and they can't foreclose because of the potential write down. At the current rate the market will never have a chance to clear and the homeowners that are stuck will remain so, that's what these banks are up to.

Meanwhile, they've made it appear that prices have stabilized but so far the decrease in supply/increase in demand has done little to buoy prices. Everyone knows that the existing inventory only represents a fraction of the total number of homes which will eventually need to be liquidated. The problem has been grossly understated...

[007 license to sell]

As a potential buyer you will want to read this article on New housing developments sales surging. Even if your not looking for a new build, the article address's the shortage of resale properties and how new home building are in more demand because of the shortage of resale properties.

When looking for a property now days as a buyer you will find there isn't allot of resale inventory out here. Properties that are in good shape and in a good location are getting multiple offers due to more buyers than properties.

If your looking to purchase you will have to be more aggressive in your offers and be prepared to make multiple offers before you finally get a property you want. Cash is king and there are allot of cash buyers out here competing with the home buyer that has to have a loan to purchase.

Unfortunately sellers are accepting cash offers over ones that require loans. Home appraisals aren't coming in high enough for lenders so sellers prefer cash buyers because those buyers don't need to have an appraisal. Because of the shortage of resales for sale prices are inching up not only for resale's but new builds as well.

This could be temporary once the banks start releasing inventory after they have proven they own the notes on the properties. I keep hearing 90 days to 6 months before we will see an increase in inventory. How much no one really knows due to houses being bundle for sale to Hedge funds and other entities and banks foreclosing and letter foreclosed home owners rent for 3 yrs.




Long time coming: Homebuilders are busy once again in Las Vegas

[von949]

Interesting article.


Sent from my iPhone while driving using Tapatalk.

[jet757f]

The new houses are nice but they seem to be very close together. Normally you have to do your own landscaping and window coverings which can be costly.

The rebound is coming.

[ScoopLV]

Originally Posted by eventusstultorummagister

I would be curious to know how many are living mortgage payment free. The banks are keeping these loans on the books in an effort to hoodwink their shareholders and they can't foreclose because of the potential write down. At the current rate the market will never have a chance to clear and the homeowners that are stuck will remain so, that's what these banks are up to.

Meanwhile, they've made it appear that prices have stabilized but so far the decrease in supply/increase in demand has done little to buoy prices. Everyone knows that the existing inventory only represents a fraction of the total number of homes which will eventually need to be liquidated. The problem has been grossly understated...

There is another possible outcome -- the DeBeers real estate market. The banks are solvent enough that they can release inventory to the market a little at a time. Just like DeBeers does with diamonds to prop up prices. If diamonds were sold in a truly free market, they'd be cheaper than synthetic diamonds.

If they can hold out, releasing inventory piecemeal, banks will do better than flooding the market with everything they have. The buyer gets it in the pants. But that's always been true, historically.

Holding on to all that paper has resulted in a general feeling that "the worst is behind us." People see house prices rising, and faith in the system is restored. Sure, it's misplaced faith. But when you get down to it, our economy has run on misplaced faith ever since we quit bartering.

[logline]

Originally Posted by ScoopLV

There is another possible outcome -- the DeBeers real estate market. The banks are solvent enough that they can release inventory to the market a little at a time. Just like DeBeers does with diamonds to prop up prices. If diamonds were sold in a truly free market, they'd be cheaper than synthetic diamonds.

If they can hold out, releasing inventory piecemeal, banks will do better than flooding the market with everything they have. The buyer gets it in the pants. But that's always been true, historically.

Holding on to all that paper has resulted in a general feeling that "the worst is behind us." People see house prices rising, and faith in the system is restored. Sure, it's misplaced faith. But when you get down to it, our economy has run on misplaced faith ever since we quit bartering.

Bingo! I think Scoop hit it on the head.

Of course the housing market is corrupt. There never was a truly "free market" when the FHA, Fannie Mae, Freddie Mac, FDIC and a home interest tax deduction exists. Holding back inventory creates a false sense of heightened demand. What banker WOULDN'T want to sell these homes off piecemeal to add to the bank's quarterly statement? Of course, this will be with the full cooperation of the federal government because everybody loves an "improving" housing recovery... especially during an election year. It's perceived as a win-win situation for all involved.

The DeBeers analogy makes perfect sense. Good call.

[eventusstultorummagister]

^^^

You folks ever heard the term "reload"? It's when a con artist hits the same mark twice. Typically, the second scam is designed to "fix" the damage caused by the first.

1. Create the housing bubble
2. Create a foreclosure crisis
3. Buy homes in bulk at deep discounts
4. Rent homes back to the previous owners

Wash, rinse, repeat (as necessary).

[eventusstultorummagister]

Originally Posted by jet757f

The rebound is coming.

Denial, revisited.

[bayview6]

Originally Posted by eventusstultorummagister

Denial, revisited.

Sour grapes all over again.

We've reached the bottom. The baby boomers are coming and replacement costs will begin to affect the re-sale market.

There are no houses for sale in my sub-division.