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Old 05-20-2009, 12:56 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,931,486 times
Reputation: 5051

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a few posts back, it was mentioned condos under 50k, were those in summerlin?
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Old 05-20-2009, 01:59 PM
 
1,347 posts, read 2,444,516 times
Reputation: 493
Quote:
Originally Posted by rpachigo View Post
Unfortunately, I've made a habit of catching falling knives and my hands are bloodied but I remain persistent.
I feel your pain. I wasn't even home from my scouting trip before I regretted the offers I made. I let two slip away without a second thought but did close the deal on one that I particularly liked. I think I've been somewhat conditioned by the equity markets where often times if you wait until the underlying fundamentals of a company have improved before you pull the trigger, you'll have missed a significant portion of the upside move. What's done is done. I'm in it for the long haul now.
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Old 05-20-2009, 03:40 PM
 
Location: Fort Worth and Las Vegas
255 posts, read 556,070 times
Reputation: 73
There's some in 89108 for way under 50k. I am avoiding condos for the most part. Yeah Tony, I'm in it for the long haul also - I think by the time all this money from the federal reserve and fed. govt. seeps into the economy then inflation is assured but I don't know when that will happen. Already commodities are shooting up. Inflation may affect housing at some point but when?
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Old 05-20-2009, 05:06 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,931,486 times
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yes but unless in a rougher area, a sfr is gonna cost 90 or 100 or more
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Old 05-20-2009, 10:11 PM
 
4,538 posts, read 10,606,885 times
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Quote:
Originally Posted by olecapt View Post
The feeding frenzy of the moment may simply increase if faced with more product.
No to mention violate basic economic theory.
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Old 05-20-2009, 10:23 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,127,294 times
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Quote:
Originally Posted by JohnG72 View Post
No to mention violate basic economic theory.

The whole ongoing scenario has violated basic economic theory for months.

Why change now?
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Old 05-20-2009, 11:19 PM
jpk
 
Location: Redmond, WA / Henderson, NV
531 posts, read 1,860,029 times
Reputation: 175
Quote:
Originally Posted by olecapt View Post
The whole ongoing scenario has violated basic economic theory for months.

Why change now?
Wrong, it has followed the textbooks verbatim. Both in terms of how supply-demand works and how deflation can feed on itself.

Existing supply exceeds demand to the point that virtually no new homes have been built this year. Prices have plummeted in line with the supply-demand imbalance. Very basic macroeconomics that anyone can see.
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Old 05-21-2009, 12:34 AM
 
37 posts, read 79,013 times
Reputation: 26
Quote:
Originally Posted by olecapt View Post
The whole ongoing scenario has violated basic economic theory for months.

Why change now?

LOL@that one! It sure has in the stock market, everything stinks and is getting worse....time for a rally!!!
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Old 05-21-2009, 12:47 AM
 
4,538 posts, read 10,606,885 times
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Quote:
Originally Posted by CuriousMike View Post
LOL@that one! It sure has in the stock market, everything stinks and is getting worse....time for a rally!!!
????????????? How has anything going on with the economic situation violated basic economic theory. Rather, it has followed it to a T.

Ole Capt's statement was that more properties on the market might trigger a increase in the alleged current "feeding frenzy" which is beyond ridiculous LOL. I guess unless I live in bizarro world where
increased supply = increased prices.
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Old 05-21-2009, 01:03 AM
 
391 posts, read 1,712,081 times
Reputation: 143
Quote:
Originally Posted by jpk View Post
Wrong, it has followed the textbooks verbatim. Both in terms of how supply-demand works and how deflation can feed on itself.

Existing supply exceeds demand to the point that virtually no new homes have been built this year. Prices have plummeted in line with the supply-demand imbalance. Very basic macroeconomics that anyone can see.
Bingo. The rules of the game change when you are dealing with bubbles. The only "peculiar" thing about this bubble is it's taking much longer to deflate, undoubtedly because of the inherent "stickiness" of the assets as well as govt intervention. But to people familiar with asset bubbles, this whole thing is hardly surprising. Though I'll admit to underestimating the depth as I figured the "stickiness" would ride out the downturn before fully correcting.

This economic cycle is also somewhat unique in that you have a sort of chicken/egg thing with housing and the economy.
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