[olecapt]

Originally Posted by tony soprano

I'm more surprised by the extent of the sales volume reduction than the fall in median price. I'm interested in seeing what happens next month as we move out of what is typically the home buying season.

Take a look at the GLVAR statistics. Classically it runs with the temperature..Low in the winter...December January picks up a little in Feb a lot in March and heads toward a peak in the May June July Aug period. Then it falls off to the low in December Jan.

So far September looks robust. A little higher than August. That would be counter cyclic.


http://www.lasvegasrealtor.com/stats/Statindex.htm

[gtbguy]

Originally Posted by RCCCB

U.S. Foreclosure Filings Top 300,000 for Sixth Straight Month - Bloomberg.com

Nevada Leads
Nevada had the highest foreclosure rate in August, with one in every 62 households receiving a filing, even with an 8.4 percent decrease in foreclosures from July, RealtyTrac said. August filings were up 53 percent from a year earlier, with 17,902 Nevada properties receiving a foreclosure filing.

Don't mean a thing. As long as banks continue to hold these homes and use the governments money to pay on the mortgage, I don't think we'll see the overall market doing much than what its doing now. As many realtors say "there is no inventory in Las Vegas" and now you know why.

[olecapt]

For the fifteenth or sixteenth time the banks don't own an significant inventory to hold off the market. In general virtually all the name banks are front end operations maintaining other owners mortgages. They get no money for non performing mortgages. They collect only when they foreclose or otherwise dispose of the property.

All fairy tale stuff.

[gtbguy]

Originally Posted by olecapt

For the fifteenth or sixteenth time the banks don't own an significant inventory to hold off the market. In general virtually all the name banks are front end operations maintaining other owners mortgages. They get no money for non performing mortgages. They collect only when they foreclose or otherwise dispose of the property.

All fairy tale stuff.

If that is the case then the market in Vegas should be getting better and values should start rising once again. Its ironic how we read, see, discuss the amount of foreclosures in Vegas and elsewhere and you are convinced the banks have very little to do with it. Wow, I'm really missing something here.

All fairy tale stuff to me!

[RCCCB]

Originally Posted by gtbguy

If that is the case then the market in Vegas should be getting better and values should start rising once again. Its ironic how we read, see, discuss the amount of foreclosures in Vegas and elsewhere and you are convinced the banks have very little to do with it. Wow, I'm really missing something here.

All fairy tale stuff to me!

Simply, if there are a certain number of foreclosure filings and they don't make it to market, something has to be going on.
Either they aren't being moved on, are being rented or the banks (as some have said) are inept and haven't been good at getting the homes back for sale.

[olecapt]

Originally Posted by RCCCB

Simply, if there are a certain number of foreclosure filings and they don't make it to market, something has to be going on.
Either they aren't being moved on, are being rented or the banks (as some have said) are inept and haven't been good at getting the homes back for sale.

They don't exist. I got a blog page showing what are actually being taken by the banks. It is well in keeping with what is getting to the market.

The only workable theory is that the banks are not foreclosing and simply letting people sit there or let empty houses sit there.

At the moment I know of one such house. And I am actually ordering some court docs to see what is going on.

But twenty thousand? That nobody notices? Come on I track anything within a mile or less of my place in at least in a couple of directions.

Does not compute.

[JohnG72]

Originally Posted by olecapt

They don't exist. I got a blog page showing what are actually being taken by the banks. It is well in keeping with what is getting to the market.

The only workable theory is that the banks are not foreclosing and simply letting people sit there or let empty houses sit there.

At the moment I know of one such house. And I am actually ordering some court docs to see what is going on.

But twenty thousand? That nobody notices? Come on I track anything within a mile or less of my place in at least in a couple of directions.

Does not compute.

Call up ads on craigslist sir.

That will tell you the real story.

Lots of sinks, cabinets, fireplaces, everything under the sun etc for sale from homes where the mortgage hasn't been paid for in month.

One really vintage place south of LV BL between Charlston and Sahara...the guy has a TON of stuff decorating the very kitschy house including items from old hotel suites. He's hawking it on CL. Everything including the stairway railing. Hasn't paid the mortgage in months. Same thing elsewhere around the valley. All new stuff. My buddy I've posted about in the past that bought a place near Ann/Tropical has been using those listings to buy nearly brand new stuff for his place that was stripped pretty good.

[olecapt]

Originally Posted by JohnG72

Call up ads on craigslist sir.

That will tell you the real story.

Lots of sinks, cabinets, fireplaces, everything under the sun etc for sale from homes where the mortgage hasn't been paid for in month.

One really vintage place south of LV BL between Charlston and Sahara...the guy has a TON of stuff decorating the very kitschy house including items from old hotel suites. He's hawking it on CL. Everything including the stairway railing. Hasn't paid the mortgage in months. Same thing elsewhere around the valley. All new stuff. My buddy I've posted about in the past that bought a place near Ann/Tropical has been using those listings to buy nearly brand new stuff for his place that was stripped pretty good.

Why waste your time? I regularly tell investor buyers not to worry about appliances. Just go over to the swap meet, pick out what you want and they will have it installed two days later.


that however is small change. And it has no bearing on anything of importance.

NOte that the vast majority of the foreclosures are in pretty good shape.

[tony soprano]

Originally Posted by olecapt

For the fifteenth or sixteenth time the banks don't own an significant inventory to hold off the market. In general virtually all the name banks are front end operations maintaining other owners mortgages. They get no money for non performing mortgages. They collect only when they foreclose or otherwise dispose of the property.

All fairy tale stuff.

Banks owned a significant enough foreclosure inventory that ~81 of them have been shuttered YTD. That's greater than 3X the number of failures in '08 and we have an entire quarter left to go. Treasury has required 10 of the 19 largest banks in the US to raise additional capital, post TARP injections. The 10 banks required to raise cash are; BofA, Wells-Fargo, GMAC, Citigroup, PNC, Regions Financial, SunTrust, Fifth Third, Key Corp, and Morgan Stanley. You might recongize a few "name banks" in there.

Banks don't own a significant inventory? Now, there's your fairytale.

[JohnG72]

Originally Posted by olecapt

Why waste your time? I regularly tell investor buyers not to worry about appliances. Just go over to the swap meet, pick out what you want and they will have it installed two days later.


that however is small change. And it has no bearing on anything of importance.

NOte that the vast majority of the foreclosures are in pretty good shape.

I am obviously not being clear. What I am trying to convey is that there are many many many homes that are behind on payments and not being reported on. This is displayed in the for sale on craigslist items I used as an example.