[RCCCB]

Bottom line folks is that there are lots of foreclosures being held back by banks mostly in Las Vegas and also throughout the country.

How affordable is it for banks to do nothing and leave properties subject to vandalism versus getting them out of the inventory?

We know they are attempting to keep prices higher by not releasing inventory, but based on how slow they are releasing them and all they are taking possession off, I don't see that as being sustainable.

[tony soprano]

Originally Posted by olecapt

Condo numbers are flakey...as this month is demonstrating. So what. Projecting annual rates from single months is also flakey.

It wasn't a projection of an annual rate of decline. It was pointing out that contrary to what the Sun article suggests, SFR prices were down in July. If their definition of "stabilizing" is things are getting worse at a slower rate, than hooray for death by a thousand cuts. SFR prices continue to bleed, having slowed from a hemmorrhage.

IN my opinion the SFR is still falling slowly. But the condo is turning around in a big way. I have not taken up tracking condos...but I still find the different directions taken by condos and SFRs to be most interesting.

Ah, it seems like just yesterday that we heard from you that May would show a month-over-month price increase over April. Those were the good ol' days. Still, it's nice to see that your newly minted opinions mirror the GLVAR data.

And things are clearly giving...and in unexpected ways.

Interesting times.

[olecapt]

Originally Posted by RCCCB

Bottom line folks is that there are lots of foreclosures being held back by banks mostly in Las Vegas and also throughout the country.

How affordable is it for banks to do nothing and leave properties subject to vandalism versus getting them out of the inventory?

We know they are attempting to keep prices higher by not releasing inventory, but based on how slow they are releasing them and all they are taking possession off, I don't see that as being sustainable.

No we don't. The banks have actually little inventory. Maybe a total of 7000 or so units. Most are simply in transit. They there are the problems. Where the bank can't clear title etcetera. Inventory is a long way done since January.

This large bank inventory is folklore...at least in Las Vegas.

[op123]

The banks are playing new tricks now. And the realtors are dancing in tune. Do not fall for it.

The banks keeping home owners in their homes for exentended period even though the home owners are not paying mortgage. I have two friends living mortgage free for the last 10 months in Las Vegas. The banks are not taking homes as they did one year ago, because they would build huge inventory and cause distress in the market and basically go bankrupt. You can see early signs of this in the data, delinquincies raising. The banks want to prolong it and create a sense of recovery in the market and orderly unload the assets. It remains to be seen whether they can succeed. I do not think they can.

The guys living mortgage free decided to let the house go and stopped paying. They want live there as long as they can without paying mortgage. The banks are allowing it. The banks can't allow it forever. The banks will take the houses sooner or later. Thats for sure. Then what happens?

The music stops again. Beware of it.

[Swigchow]

How can rising unemployment greater than 13% and probably going higher not be foreboding for the real estate market. Foreclosures will rise. Rental market will be slammed. How long can banks hold onto inventory?

[olecapt]

Originally Posted by Swigchow

How can rising unemployment greater than 13% and probably going higher not be foreboding for the real estate market. Foreclosures will rise. Rental market will be slammed. How long can banks hold onto inventory?

Note that we are where we are...Is 13% a whole lot worse than 12.3%? Our environment has been very bad for a while. The recent increase has only small impact to the already miserable situation. We are selling all these houses in this climate and we show no particular weakness in the rental of homes and condos.

It is an awful environment but it did not get a whole lot worse. I don't think anything under 15% really moves anything. Just consider that 87% of us are still working.

The banks are holding no inventory other than that they are processing and that which they can't move for one reason or the other. Just takes a while to get it on the market. They have less inventory now then they did in January.

Las Vegas is in bad shape...but the change in unemployment made it only a small amount worse.

[op123]

Its precisely the same notion, altenate reality, that the spin masters, from upper levels of government to lower level sales guys, are trying to create. "Its not as worse as you think. See the world, arrg...market, with my eyes ...until I sign you up." The sooner folks realize the better they are. That point would be normal state of affairs.

[olecapt]

Originally Posted by op123

Its precisely the same notion, altenate reality, that the spin masters, from upper levels of government to lower level sales guys, are trying to create. "Its not as worse as you think. See the world, arrg...market, with my eyes ...until I sign you up." The sooner folks realize the better they are. That point would be normal state of affairs.

What are you talking about. We are swimmiing in liquid excrement. We were just below the nipple. Now we are just above the nipple. That feels a lot worse right?

Sheesh.

[pommysmommy]

I have been getting at least two new listings everyday recently. There are some nice properties that seem to be priced very low. I am sure they will go quickly for well over the asking price.

[dude66]

Originally Posted by olecapt

Just consider that 87% of us are still working.

Hee hee. That's hilarious! And in the Great Depression, 75% of us were still working! Everything was great then and it's even better now!

You would make a fantastic press secretary for the White House.