[rpachigo]

Better to be a realist than a cheerleader

[olecapt]

Better to be a realist than a hanger of crepe...

[CuriousMike]

It'll be interesting to watch what happens next, I think this is just the eye of the hurricane.

I just don't see it being reasonable to expect this is a bottom with unemployment continuing to rise, option arms and alt-a's just getting started, and the recent decline in inventory explained away by the moratorium which has now been lifted. Not to mention with so many people so far underwater in this town...how long will they continue to hold on before they say screw it it's just not worth it and are looking for an excuse to finally pull the plug?

YMMV maybe it pays for you to buy and then rent it out but as an appreciating investment?

Oh well, I guess we'll find out soon enough.

[rpachigo]

Originally Posted by olecapt

Better to be a realist than a hanger of crepe...

touchy, touchy

[olecapt]

Originally Posted by CuriousMike

It'll be interesting to watch what happens next, I think this is just the eye of the hurricane.

I just don't see it being reasonable to expect this is a bottom with unemployment continuing to rise, option arms and alt-a's just getting started, and the recent decline in inventory explained away by the moratorium which has now been lifted. Not to mention with so many people so far underwater in this town...how long will they continue to hold on before they say screw it it's just not worth it and are looking for an excuse to finally pull the plug?

YMMV maybe it pays for you to buy and then rent it out but as an appreciating investment?

Oh well, I guess we'll find out soon enough.

There is no indication that something good is going to happen. Merely that a cusp has been reached. We will see what the market does to compensate.

What is happening is a rate problem. The rate at which foreclosures are being handled by the banks is significantly less than the rate at which they are beling sold. I would think the rate at which foreclosures are created must double to stabilize the inventory. And even that may not work. The feeding frenzy of the moment may simply increase if faced with more product.

[rpachigo]

Housing inventory down only 1% year over year and still 27,435 properties available currently. Add to that the new appraisal guidelines now in effect depressing prices even more (LV is a still declining market) and that makes for a toxic situation. As always, cash is king and patience is rewarded.

[airics]

if patience is rewarded, and cash is king.. why are you buying now? just a question, do you feel that the prices are stabalized in the condo market...

[rpachigo]

Originally Posted by airics

if patience is rewarded, and cash is king.. why are you buying now? just a question, do you feel that the prices are stabalized in the condo market...

Unfortunately, I've made a habit of catching falling knives and my hands are bloodied but I remain persistent. Overall, whenever a normal market develops, next year or next decade, I should be ok. Until then, rents cover expenses plus a little each month - of course rents are dropping but not as much as prices. All things to keep in mind.

[airics]

so lets say you had $100k in cd's earning 2 - 2 1/2%... would you use 50k of it as downpayments on condos to rent?

[rpachigo]

Originally Posted by airics

so lets say you had $100k in cd's earning 2 - 2 1/2%... would you use 50k of it as downpayments on condos to rent?

I would.