[olecapt]

Originally Posted by tony soprano

I save my pity for realtors that don't even know when the FTHB expired, have no understanding of what the Case-Shiller index measures, have but a single SFR listing, take almost two years to close a short sale, who welsh on bets about home prices being higher and missing the mark by over 40%, who croon that there will be a month-over-month price increase when it takes a year to happen, etc.

Another wonderful example. Delusion taken to high order.

You really have to feel sorry for such people.

[tony soprano]

Originally Posted by olecapt

Another wonderful example. Delusion taken to high order.

You really have to feel sorry for such people.

Yes, I think they were all wonderful examples.

Can we look forward to your condo sale closing in calendar 2011?

[MadManofBethesda]

Originally Posted by jbov

FYI, the bank doesn't take your down payment away when they deny your loan application.

I wanted to buy a house not a condo, and the down payment money is still sitting in my bank account. $6000 of it was saved by being shrewd and taking advantage of my current situation.

$6000? What happened to your boast that you've saved more money during that four-month period than I take down in a year?

And why are we discussing something as inconsequential as down payment money anyway?? Surely you're such a baller that you should be able to take out your checkbook and just pay cash, shouldn't you?

That shouldn't be a problem for a self-proclaimed "big deal," right?

Right??

[jfkIII]

...and my guess is that jbov's been invited to Kate and William's wedding? "Your Royal Highness...jbov of Las Vegas"

[007 license to sell]

Tuesday Corelogic released their findings regarding the number ot home owners who owe more than their home is worth and how it is going to affect prices.

In Nevada, over 65% of homeowners with mortgages owe more than their homes are worth. Arizona and Florida are around 50%. Michigan, Georgia and California are all over 30%.

CoreLogic: 11.1 Million U.S. Properties with Negative Equity in Q4

[dano]

At the risk of sounding nastalgic, I spent some time reveiwing posts from the summer of 2007 on this thread's predecessor that can be found at the bottom of this page. Several Wall Street Hedge Funds had just tanked due to defaulting subprime mortgages and Bear Sterns was just months from collapse. It is interesting getting posters mindsets as the economy and real estate market was collapsing around them. Below is a particularly poignant posting of yours truly on 9/12/07:

This has been a fun thread to monitor. The bottom line is that those of us who bought in the late '90s or early turn of the century and held without re-leveraging are still sitting pretty and beginning to have the last laugh. I remember my peers looking down on me around 2005 when I told them I was still in the same house I bought in 2001. I remember actualy saying it with pride, aware that I hadn't followed all the sheep off of the "keep up with the Jones'" cliff. They just staired back as if I was from another planet. It's actually unfortunate that this all happened. I would have been happy with 4% annual appreciation and not writing this post. Any reasonable observer should have been suspicous of unprecedented 100% appreciation over several years and at least waited it out to see if it was going to stick like it has in California, or if it was a bubble driven by greed, low interest rates, and undisciplined lending practices. It reminds me of what an old mentor of mine once said. "Dan, one thing you need to remember, the world revolves around greed and lust". I believe greed and lust has prevailed.

[vegas2005]

Originally Posted by dano

At the risk of sounding nastalgic, I spent some time reveiwing posts from the summer of 2007 on this thread's predecessor that can be found at the bottom of this page. Several Wall Street Hedge Funds had just tanked due to defaulting subprime mortgages and Bear Sterns was just months from collapse. It is interesting getting posters mindsets as the economy and real estate market was collapsing around them. Below is a particularly poignant posting of yours truly on 9/12/07:

This has been a fun thread to monitor. The bottom line is that those of us who bought in the late '90s or early turn of the century and held without re-leveraging are still sitting pretty and beginning to have the last laugh. I remember my peers looking down on me around 2005 when I told them I was still in the same house I bought in 2001. I remember actualy saying it with pride, aware that I hadn't followed all the sheep off of the "keep up with the Jones'" cliff. They just staired back as if I was from another planet. It's actually unfortunate that this all happened. I would have been happy with 4% annual appreciation and not writing this post. Any reasonable observer should have been suspicous of unprecedented 100% appreciation over several years and at least waited it out to see if it was going to stick like it has in California, or if it was a bubble driven by greed, low interest rates, and undisciplined lending practices. It reminds me of what an old mentor of mine once said. "Dan, one thing you need to remember, the world revolves around greed and lust". I believe greed and lust has prevailed.

Ya, I thought it was greed and fear, but lust works too.

First time homeowners really got shafted the most, because we were naive to it all. And unless you had parents or others that could steer you in a certain direction, it was too hard to NOT make a mistake.

At least, I will have fun living rent free for the next two years, as I have decided to walk away.

[Swigchow]

This previously worthwhile thread is now becoming trite (and seemingly worthless).

[airics]

Originally Posted by vegas2005

Ya, I thought it was greed and fear, but lust works too.

First time homeowners really got shafted the most, because we were naive to it all. And unless you had parents or others that could steer you in a certain direction, it was too hard to NOT make a mistake.

At least, I will have fun living rent free for the next two years, as I have decided to walk away.

do you have a 1st and 2nd mortgage?

[vegas2005]

Originally Posted by airics

do you have a 1st and 2nd mortgage?

Well, I hope this post is ok with swigchow. Lets cross our fingers.

In a chapter 13 now, so the second will get stripped, filed a couple of years ago, and since then the market continues to get worse, so now I am considering a walk because long term it looks terrible. In the 13, I can surrender at any time.

And even though many intelligent people (Marc Faber for example) are saying it is a good time (probably more true if you have a stable job and family that is settled in the area) to buy, I am not convinced that Vegas will be back for a long time, when you consider the over-sized homes and gambling economy that is spreading worldwide.

Now, lets hope swigchow approves of this message.