[von949]

I thought the chart at the bottom of the article was interesting.

More in Las Vegas now rent than own - Business - ReviewJournal.com

From a peak of 64 percent in 2000, as measured by the U.S. census, Las Vegas Valley home ownership is now at 48 percent -- and will continue to fall.

[eventusstultorummagister]

1 in 14 owners currently has a foreclosure filing, more rent than own? Duh!

[binionrat]

That's weird because somebody has to own it to rent it, even if the bank owns it now. I don't get it.

[007 license to sell]

The primary buyers are investors from other states or countries, the locals that have been foreclosed on or have done a short sale or filed bankruptcy are renting from the investors. And soon to be renting the very homes they are foreclosed by BOA. BOA is launching a trial rental program to home owners they foreclose on in Nevada, Arizona and New York. Great so the banks get to stick it to the home owners again. Banks need to look out for their bottom line you know, so much for looking out for the home owner.


Bank of America hopes underwater homeowners become renters to ...‎ Washington Post
Bank of America renter program could help its bottom line‎ msnbc.com (blog)
Bank of America tests 'Mortgage to Lease' plan for foreclosures‎ DigitalJournal.com

[binionrat]

Ah, so the more rent than own means more LV residents rent than own property...Now it makes sense.

[eventusstultorummagister]

Originally Posted by 007 license to sell

Great so the banks get to stick it to the home owners again.

The best way to restore the housing market, the rule of law, and faith in the American system is by rounding up criminal enterprises masquerading as banks.

[TheGreatCurve]

Originally Posted by eventusstultorummagister

The best way to restore the housing market, the rule of law, and faith in the American system is by rounding up criminal enterprises masquerading as banks.

What do you mean by "restore the housing market"? Restore it to what? 2006 prices? That was an aberration. It wasn't real. Now if you meant restore it back to 1972 prices, then that makes sense because a house has done nothing in that time but get older, more out-dated, and wear out, so there's no reason it should appreciate in value.

And how about we round up all the greedy people who bought houses during the bubble because they were greedy and wanted to buy a house and flip it in a couple of years to make a killing?

[eventusstultorummagister]

"Las Vegas housing market will revert to a more normal environment with levels of new and existing housing sales similar to that of early 2000's by late 2016"

Las Vegas Shadow Inventory Absorption Model

http://www.carwinadvisors.com/PDF/sh...tory_model.pdf

[Ulysses373]

Originally Posted by eventusstultorummagister

"Las Vegas housing market will revert to a more normal environment with levels of new and existing housing sales similar to that of early 2000's by late 2016"

Las Vegas Shadow Inventory Absorption Model

http://www.carwinadvisors.com/PDF/sh...tory_model.pdf

It seems like their model is missing something: regulation and law changes. I was given the impression there's a large number of foreclosures being stalled currently by the requirements that have banks making sure their paperwork is all in order. The paper gives no indication that anything out of the ordinary is happening in 2012. In their chart at the end, wouldn't distressed portion increase in late 2012 as foreclosures are again widely available for purchase? Maybe that simply delays their projections by 6-8 months, but that's still significant.

[SportyandMisty]

The one piece of data I have never seen, but would love to see, is as follows:

During the height of the real estate bubble, how many houses, townhouses & condos were occupied by people who themselves worked in residential real estate construction and suppliers to residential real estate construction (e.g., subcontractors who primarily work on residential construction, etc)? Either owned or rented?

I'm not sure anyone would even have such data -- but it would be insightful. Let's say X thousand houses were occupied by people in the trades in residential construction. Since those jobs are gone, if Las Vegas' other industries (and employment) return to pre-recession levels, a ball-park figure would be that there are still X thousand too many dwellings in Las Vegas, as those homes existed solely to support construction that isn't coming back any time soon.

Question: is X thousand a significant fraction of the overall housing stock in Las Vegas?