[EA]

As far as the forewarning of the bubble, here's an article from 2004.

CNN.com - FBI warns of mortgage fraud 'epidemic' - Sep 17, 2004

[OmegaSupreme]

Originally Posted by AdamSelene

It's a bit silly to cry bubble when houses are still selling at less than they'd cost to build today.

perhaps it's a bit silly to make a blanket statement about two variables that would likely have a high, positive correlation, no?

bubble:

"1. An economic cycle characterized by rapid expansion followed by a contraction.
2. A surge in equity prices, often more than warranted by the fundamentals and usually in a particular sector, followed by a drastic drop in prices as a massive selloff occurs.
3. A theory that security prices rise above their true value and will continue to do so until prices go into freefall and the bubble bursts."

take your pick

[OmegaSupreme]

YOY appreciation for single family residential

https://www.lawyersedesk.com/Uploads...ion%20-SFR.pdf

as with anything on the interweb, never take anything as gospel

[lvoc]

Originally Posted by EA

As far as the forewarning of the bubble, here's an article from 2004.

CNN.com - FBI warns of mortgage fraud 'epidemic' - Sep 17, 2004

That report is nothing to do with a bubble warning. It dealt with people taking advantage of a lack of care upon the part of the mortgage lenders. That problem existed without the bust of the bubble.

Note that at least in Las Vegas there was nothing "free market" about the bubble burst. Sales were made by institutions getting above 90% during the maximum drop. Really weird if you look at it. Inventory drops like a rock and the price drops faster.

[lvoc]

Originally Posted by OmegaSupreme

YOY appreciation for single family residential

https://www.lawyersedesk.com/Uploads...ion%20-SFR.pdf

as with anything on the interweb, never take anything as gospel

That of course has a relatively low cut off...$399,000. Why?

[PizzaBelly]

Originally Posted by lvoc

Note that at least in Las Vegas there was nothing "free market" about the bubble burst. Sales were made by institutions getting above 90% during the maximum drop. Really weird if you look at it. Inventory drops like a rock and the price drops faster.

Could you elaborate on this please? What do you mean getting above 90% during maximum drop?

[lvoc]

Originally Posted by PizzaBelly

Could you elaborate on this please? What do you mean getting above 90% during maximum drop?

At peak around 90% of the sales made were either REO,s or short sales.
These were either made or approved by a lender,

[nickydim]

Originally Posted by nickydim

Well I can tell you first hand the market is strong for sellers in the low price range. We have been looking at 2bd 2ba condos(for my kids) in the west and NW between 100-120K and anything decent moves inside of 10 days. We are making a bid today on one in Lone Mountain near Majestic Park that's been on the market for only 2 days.

The Y-o-Y continues upward as houses in my neighborhood(also Lone Mountain) continue to increase (both listing and selling price). I'm glad I was able to purchase in 2012 otherwise I'd be looking at close to 60% more today for the same home.

Just went to contract on a condo. Condo was on the market 2 days and had to compete in a bidding war with another. Ended up paying 102% of asking. Is that a recent enough, first hand account of the status of real estate in Las Vegas (at least in the NW part)?

[BBMW]

What area was this in?

Originally Posted by nickydim

Just went to contract on a condo. Condo was on the market 2 days and had to compete in a bidding war with another. Ended up paying 102% of asking. Is that a recent enough, first hand account of the status of real estate in Las Vegas (at least in the NW part)?

[Cold Warrior]

Originally Posted by BBMW

What area was this in?

Using my powers of mental telepathy and clairvoyance, I predict that the area was

in Lone Mountain near Majestic Park

.