[eventusstultorummagister]

When the onslaught of specuvestors peters out it will be a TRUE buyer's market. There are simply not enough qualified buyer's left to absorb the supply and with no incentive like job opportunities to motivate people to relocate you will see homes that previously sold in a matter of days languishing on the market for months.

The tsunami hit, the scavengers arrived in it's wake to pick over the remains, now whats left is the arduous rebuilding process which make take some 10-20 years.

The govenment intervention just kicked the can down the road for awhile...

[olecapt]

Originally Posted by eventusstultorummagister

When the onslaught of specuvestors peters out it will be a TRUE buyer's market. There are simply not enough qualified buyer's left to absorb the supply and with no incentive like job opportunities to motivate people to relocate you will see homes that previously sold in a matter of days languishing on the market for months.

The tsunami hit, the scavengers arrived in it's wake to pick over the remains, now whats left is the arduous rebuilding process which make take some 10-20 years.

The govenment intervention just kicked the can down the road for awhile...

Initial look at May results indicate a volume up over April. Price stable.

Somebody is buying those joints.

[eventusstultorummagister]

Sales fell 7% in April (from March) and 8% compared to April '09

Tax credit's end fails to help Las Vegas home sales - Las Vegas Sun

Reader's Comment:
"The numbers stated are just a look in the mirror. To truly get a feel for where things are going look ahead. The number of homes that are behind in their mortgage 60/90 days are staggering. Combine that with the statistical average of those homes being foreclosed on and you'll get the picture that inventory is not going to go down any time soon. The banks are hanging on to the homes waiting for pricing to stabilize or possibly start to go up. They won't recognize the loss on the books until it's "sold". Basically the banks are hedging their bets that the economy will rebound before they have to sell the homes at a loss. Meanwhile they're using the tarp money to stay afloat while they're paying nothing on deposits, increasing fees and making it harder to get a loan."

[eventusstultorummagister]

Originally Posted by MomMom

Nevertheless, ANYONE, EVERYONE, who is thinking of buying a home in Las Vegas in the near future...if you want to live in it...fine. If you want to "invest" and make money off of it in the future...you'd really be better off spending your money elsewhere. IMHO of course

Looks like you finally figured out that "investors" were killing what was left (if any) of your equity(?).

The investors appear clever when they boast about ROI, just wait, it's musical chairs and when the music stops watch them scramble!

[tony soprano]

Originally Posted by eventusstultorummagister

Sales fell 7% in April (from March) and 8% compared to April '09

Tax credit's end fails to help Las Vegas home sales - Las Vegas Sun

Reader's Comment:
"The numbers stated are just a look in the mirror. To truly get a feel for where things are going look ahead. The number of homes that are behind in their mortgage 60/90 days are staggering. Combine that with the statistical average of those homes being foreclosed on and you'll get the picture that inventory is not going to go down any time soon. The banks are hanging on to the homes waiting for pricing to stabilize or possibly start to go up. They won't recognize the loss on the books until it's "sold". Basically the banks are hedging their bets that the economy will rebound before they have to sell the homes at a loss. Meanwhile they're using the tarp money to stay afloat while they're paying nothing on deposits, increasing fees and making it harder to get a loan."

I agree with a couple of Reader's points but his comment on TARP money is somewhat overstated as most TARP money has been repaid.

Originally Posted by Bloomberg

Of the $245 billion that was invested in financial institutions, $177 billion, or 72 percent, has been returned to pay down the deficit, and taxpayers have earned a modest profit on those investments, including more than $6 billion in warrant proceeds,” Miller said. He said the Treasury plans “near- term” sales of warrants in the 18 banks that repaid TARP funds.

TARP Watchdog Says U.S. Gets Fair Prices for Warrants (Update2) - Bloomberg.com

And after a period of time when anyone who could fog a mirror was able to obtain a mortgage, I'd suggest that making it harder to get a loan is not altogether a bad thing.

[JohnG72]

Originally Posted by eventusstultorummagister

When the onslaught of specuvestors peters out it will be a TRUE buyer's market.

I've been posting for a while that this will occur sooner of later. With falling rents and climbing vacancies, how long is it before "investors" get tired of paying property taxes and see their "investments" get damaged by squatters?

[MadManofBethesda]

Originally Posted by eventusstultorummagister

Reader's Comment:

"blah, blah, blah....Meanwhile they're using the tarp money to stay afloat while they're paying nothing on deposits, increasing fees and making it harder to get a loan."

Okay, I can understand posting links to legitimate news articles as well as C&Ping a portion of an article for emphasis. But WTH is the point of C&Ping some anonymous Joe Schmoe's comment to said article? And then bolding a part of said Schmoe's comment when he demonstrates he doesn't know what the hell he is talking about?

[eventusstultorummagister]

Originally Posted by MadManofBethesda

Okay, I can understand posting links to legitimate news articles as well as C&Ping a portion of an article for emphasis. But WTH is the point of C&Ping some anonymous Joe Schmoe's comment to said article? And then bolding a part of said Schmoe's comment when he demonstrates he doesn't know what the hell he is talking about?

WTH do some people come unglued when confronted with an opinion that is contrary to their own?

FWIW, I think that the reader's comment was relevant to the extent that the real estate market in Las Vegas will not obtain any sense of normalcy until the banks stop machinating.

Sorry if it aroused your anger although I cannot imagine why...

Perhaps a little LESS poker/buffet and a little MORE meditation/yoga might be beneficial

[MadManofBethesda]

Originally Posted by eventusstultorummagister

Sorry if it aroused your anger although I cannot imagine why...[

Perhaps a little LESS poker/buffet and a little MORE meditation/yoga might be beneficial

And I cannot fathom why you think I'm angry about your post.

I found it to be absurd.

And I found it to be senseless.

But if you want to continue to search the Internet to C&P anonymous reader comments to published articles and then highlight in bold the errors in their comments, hey...more power to you.

But I'm certainly not angered by the utter inanity of doing so.

[dano]

Lot's of pundits are spouting off about the future/continued decline of housing prices similar to the sheeple to thought prices would continue to increase back in 2006 and that we weren't in a bubble. Here are the facts:

1) 2006 median prices were nearly 7 times median household income.

2) Current median prices are under 3 times median household income. This incidentally fits underwrting criteria for conventional mortgage lending.

3) Current mortgage rates average just over 5%.

4) April median prices increased by 1-2% year-over year and 4-5% month-over month.

5) There is anectodal evidence that the tax credits have not had a large impact on demand; i.e 1st time homebuyers, typically purchasers of $200,000and under units were and continue to be outbid and outnumbered by investors. i.e most non-1st time homebuyers could not execute a move-up due to negative equity issues on their existing house.

6) SFR rents are not showing declining trends.

7) Nominal new housing units being added to the market. There will be a lag time for homebuilders to ramp up production once determined profitable.

8) REO inventory and transactions continue a downward trend somewhat negated by increasing trends of short-sales.

9) Inventory as a whole stable or on a slight decline.

Notwithstanding some major macroeconomic shock or an uprecedented failure to successfully come out of a national recession, the current data clearly supports an assumption that the market will not continue in decline. A conclusion to the contrary is simply wild speculation or maybe wishfull thinking for those who missed the very bottom of the market.