[Daddys///M3]

Originally Posted by dude66

But they should. Home loans should be a simple thing, like in the past. The more "creative" we got trying to lower down payments, the more trouble we brought. Now, the entire financial system is at risk.

I disagree. I don't believe that lower down payments (not to be confused as lack of down payment) contributed significantly to this mess. I believe it had more to do with trying to capitalize short term with the use of creative documentation and relaxed investment property guidelines (including lack of down payments on said investment properties). Note that those who tried to capitalize short term range from the bottom to the top, from borrowers to IB CEO's.

[MomMom]

Interesting article..


Las Vegas' home sales increase, gas prices decrease - Las Vegas - MSNBC.com

[Coop01]

Original Post #351 was 04-29-2008, 09:09 PM

Originally Posted by Coop01
Significant and meaningful?
Capitulation is more like it. IMO
52% of the sales were either Short or REO.
The statistics are also self-serving. The measurement is compared against active listings.
The US Commerce dept. reports that the nationwide number of VACANT homes at a record 18.6 million. Of this number only 2.3 million are LISTED.
I wonder how many homes are VACANT in LV. That would be a better measure.

IMO - This is the same way unemployment numbers are reported as "those actively seeking employment". It some point you just give up.
Additionally, gaming revenue is down 4%. Unemployment is up and influx of new residents has fallen sharply YOY. Where's the joy there?
The price comparison I've made for similar new homes Vs. the price at the peak in the same area is at about 66% so they can still make a profit by selling them for 1/3 less - of course that may be just a "clean up" activity.

Predicting the bottom is not possible but if I were buying considering the economy- I'd wait unless I got a whopper of a deal. I think we have a long way to go.
I'm sure we'll get some aberrant numbers in lots of economic indicators due to the 'tax rebate' coming to May but that will fizzle out quickly.

Originally Posted by lvlover

I do love it. Hey benbhmark the date. We are all coming back to see how it came out.

More than 52% are REO by the way. So What? Gaming revenue will likely fall some more. So what?

The new win joint and City Center are moving along to come on line. You think that will be bad?

At presnt the pending guarantee a couple more good months. The vector they indicate says it will continue going up...but who knows. The recession hits hard and LV has to survive at 75% occupancy. What probability do you give that scenario?

But we got you down. Six months out it will still be deteriorating.

Now you wanna put a little money that you will do better than me or Dude66. I will put up a $100 and we let MomMom hold the money. We can let anyone else who wants to play join. Could get interesting.

Here we are over six months later. Gee - things are rosy. No posts in over a month on this thread.
All the real estate agents and mortgage brokers must be busy busing dishes at the casinos.

Lets see here - In six months, the northwest zipcode I've been tracking has gone from 342 to 534 units in NOD.
The number of homes combined NOD,NTS and REO went from 842 to 1314.
BTW - it's rising at an increasing rate.
Gambling revenue is down and the world financial system is on the brink of doom.
Keep your $100. Buy some lemons, 5lbs. of sugar....and a new crystal ball.

[Daddys///M3]

Originally Posted by Coop01

Original Post #351 was 04-29-2008, 09:09 PM

Originally Posted by Coop01
Significant and meaningful?
Capitulation is more like it. IMO
52% of the sales were either Short or REO.
The statistics are also self-serving. The measurement is compared against active listings.
The US Commerce dept. reports that the nationwide number of VACANT homes at a record 18.6 million. Of this number only 2.3 million are LISTED.
I wonder how many homes are VACANT in LV. That would be a better measure.

IMO - This is the same way unemployment numbers are reported as "those actively seeking employment". It some point you just give up.
Additionally, gaming revenue is down 4%. Unemployment is up and influx of new residents has fallen sharply YOY. Where's the joy there?
The price comparison I've made for similar new homes Vs. the price at the peak in the same area is at about 66% so they can still make a profit by selling them for 1/3 less - of course that may be just a "clean up" activity.

Predicting the bottom is not possible but if I were buying considering the economy- I'd wait unless I got a whopper of a deal. I think we have a long way to go.
I'm sure we'll get some aberrant numbers in lots of economic indicators due to the 'tax rebate' coming to May but that will fizzle out quickly.



Here we are over six months later. Gee - things are rosy. No posts in over a month on this thread.
All the real estate agents and mortgage brokers must be busy busing dishes at the casinos.

Lets see here - In six months, the northwest zipcode I've been tracking has gone from 342 to 534 units in NOD.
The number of homes combined NOD,NTS and REO went from 842 to 1314.
BTW - it's rising at an increasing rate.
Gambling revenue is down and the world financial system is on the brink of doom.
Keep your $100. Buy some lemons, 5lbs. of sugar....and a new crystal ball.

Have a personal vendetta against those who work in real estate?

For the record, I am busy working with first time buyers. Prices are in line with historical norms regarding median homeprice vs. median income and many that could not afford to buy a home 2 years ago absolutely can afford to now, many times for a mortgage payment equivalent to the rent they previously paid.

And please don't mistake me for on of the LO's that took advantage of borrowers via subprime loans and other exotic products like payoption ARMs. I got my license in October of 2006. I have done on stated income loan. The rest have been full doc. I've never originated an ARM. I've never sold someone on the idea of buying a home or refinancing one.

I will give you this though. At least 3 LO's that work out of my office have let their licenses go in the last couple of months. One is still currently licensed, but he rarely comes into the office and when he does he simply plays solitaire on the computer. I heard he is currently waiting tables at night. He certainly isn't closing any loans.

[olecapt]

Originally Posted by Coop01

Original Post #351 was 04-29-2008, 09:09 PM

Originally Posted by Coop01
Significant and meaningful?
Capitulation is more like it. IMO
52% of the sales were either Short or REO.
The statistics are also self-serving. The measurement is compared against active listings.
The US Commerce dept. reports that the nationwide number of VACANT homes at a record 18.6 million. Of this number only 2.3 million are LISTED.
I wonder how many homes are VACANT in LV. That would be a better measure.

IMO - This is the same way unemployment numbers are reported as "those actively seeking employment". It some point you just give up.
Additionally, gaming revenue is down 4%. Unemployment is up and influx of new residents has fallen sharply YOY. Where's the joy there?
The price comparison I've made for similar new homes Vs. the price at the peak in the same area is at about 66% so they can still make a profit by selling them for 1/3 less - of course that may be just a "clean up" activity.

Predicting the bottom is not possible but if I were buying considering the economy- I'd wait unless I got a whopper of a deal. I think we have a long way to go.
I'm sure we'll get some aberrant numbers in lots of economic indicators due to the 'tax rebate' coming to May but that will fizzle out quickly.



Here we are over six months later. Gee - things are rosy. No posts in over a month on this thread.
All the real estate agents and mortgage brokers must be busy busing dishes at the casinos.

Lets see here - In six months, the northwest zipcode I've been tracking has gone from 342 to 534 units in NOD.
The number of homes combined NOD,NTS and REO went from 842 to 1314.
BTW - it's rising at an increasing rate.
Gambling revenue is down and the world financial system is on the brink of doom.
Keep your $100. Buy some lemons, 5lbs. of sugar....and a new crystal ball.

Well I have been a little busy for this...but just to bring things up to date.

October will be the best October I think in history for sales volume exceeding the peaks of 2004/2005. In terms of revenue it will be the third best October ever. Prices continue to drop though non-distressed appear to have stabilized...up 1% month over month. Overall prices continue down about 4% month over month driven exclusively by the REPOs.

Are we at the bottom? Nope. Not yet. REPOs are still dropping like a rock.

Is it a healty RE market? You better beilieve it. And let us see if the non-REPO market is really stabilized. Note that the subprime bulge has only months left and the altA is not nearly as heavy. So we may see the REPO volume start to drop by 2Q2009. Any screwing around with foreclosure prevention by the feds could also impact things. That should make things interesting...may also bring the market to a halt however.

[sheriff]

Originally Posted by olecapt

Well I have been a little busy for this...but just to bring things up to date.

October will be the best October I think in history for sales volume exceeding the peaks of 2004/2005. In terms of revenue it will be the third best October ever. Prices continue to drop though non-distressed appear to have stabilized...up 1% month over month. Overall prices continue down about 4% month over month driven exclusively by the REPOs.

Are we at the bottom? Nope. Not yet. REPOs are still dropping like a rock.

Is it a healty RE market? You better beilieve it. And let us see if the non-REPO market is really stabilized. Note that the subprime bulge has only months left and the altA is not nearly as heavy. So we may see the REPO volume start to drop by 2Q2009. Any screwing around with foreclosure prevention by the feds could also impact things. That should make things interesting...may also bring the market to a halt however.

You have been busy doing what? Your own website proudly proclaims your last listing you sold was in April of 2008. In such a healthy market as you post, one would expect a real estate expert as yourself would have sold many more than the ONE listing in 2008. If your expertise is in representing buyers, and not LISTING, your site should show this ability to consumate the deal. In such a "healthy" market, your site does not display any degree of this, and leaves the viewer to assume a very weak practitioner of real estate sales.

[barryhussein]

I was shopping for condos in Vegas this week. I found a nice 1 bedroom in 89108, listed for 39,000. I tried calling the HOA, and they didn't even answer the phone (during normal business hours). BTW, the taxes on this place are 1360, which seems sky high.

[airics]

where was this 39k condo, it probably doesn't exist.. why would you call the hoa, they have nothing to do with the sale

[olecapt]

Originally Posted by sheriff

You have been busy doing what? Your own website proudly proclaims your last listing you sold was in April of 2008. In such a healthy market as you post, one would expect a real estate expert as yourself would have sold many more than the ONE listing in 2008. If your expertise is in representing buyers, and not LISTING, your site should show this ability to consumate the deal. In such a "healthy" market, your site does not display any degree of this, and leaves the viewer to assume a very weak practitioner of real estate sales.

We are doing well. Our best year ever I would think. Even better than 2004.

We are generally discouraging listings unless the client is in immediate trouble. We suggest instead that they stay put or rent for a year. We believe it will be a much better sellers market in a year. In general we will tend to refer shorts to one of the specialists rather than do it ourselves. It is not hard to do a short but it is time consuming, particularly if you are not doing a lot of them.

We lost one listing we wanted to a discounter. That happens. Then again it is well overpriced and we will have a good shot at getting the listing in the spring.

As soon as the market comes off the botton our listings will go up by five or six.

[barryhussein]

Originally Posted by airics

where was this 39k condo, it probably doesn't exist.. why would you call the hoa, they have nothing to do with the sale

To find out what exactly the fee covers (the realtors rarely know). Also, to find out what the transfer fee is, as it can very from zero to 3000 usd. I would also inquire about any pending special assessments. And what will the gate opener cost me, as I'm almost sure the bank will not be able to produce one.

This place DOES exist, along with 21,000 others. It's owned by Citibank.
Rancho Lake Dr. to be more precise.