[SHEPNYC]

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16 OF THE TOP 20 FORECLOSURE ZIP CODES NATIONALLY ARE IN VEGAS!

ECONOMICROT

[mooven]

Originally Posted by SHEPNYC

16 OF THE TOP 20 FORECLOSURE ZIP CODES NATIONALLY ARE IN VEGAS!

ECONOMICROT

Even more good news: Despite the fed's cuts in Jan, the mortgage interest rates are climbing back up. How is this getting better? More foreclosures yet the interest rates are moving up. These foreclosures aren't exactly move-in condition properties, so people on the lower end will need financing at higher interest rates, plus tighter lending criteria, plus $$$ for repairs. I'm looking for a positive sign but don't see it.

[Daddys///M3]

Originally Posted by mooven

Even more good news: Despite the fed's cuts in Jan, the mortgage interest rates are climbing back up. How is this getting better? More foreclosures yet the interest rates are moving up. These foreclosures aren't exactly move-in condition properties, so people on the lower end will need financing at higher interest rates, plus tighter lending criteria, plus $$$ for repairs. I'm looking for a positive sign but don't see it.

Contrary to popular belief, the fed funds rate has absolutely nothing to do with mortgage rates. The fed funds rate is the overnight rate at which banks lend money to one another. Mortgage rates are determined solely by mortgage backed securities, on A paper loans particularly the FNMA 30 yr 5.5% bond, which has gone down $3 since the end of January pushing the yield over 5% . As investors pull their money out of bonds, the price of the bonds go down to spur more investment. As such, the yields go up, concurrently rates go up with it. So if you had $100,000 to invest, would you go anywhere near mortgage backed securities right now? Keep in mind also that when I purchased my first home in late 2001, I got in with an FHA loan at 8.5%, which was pretty good back then. Too many people are consumed with the mirage of low rates, they will very likely not hit the 40 year lows that were seen a few years ago. Cheap credit is gone and is not coming back. IMO that may be a very good thing as it will help people to realize the true cost of ownership.

[synthya]

Also, many ARMs are tied to the LIBOR rate, not the fed rate.

[olecapt]

February is done. Volume is up over 10% from January. Inventory is dropping slowly. But it is dropping.

And get this. The median is up. Not much. but up. And the average is up a good bit.

And the pendings continue to grow..Fast.

"Happy days are here again"...well not quite...But getting close.

If the present trend continues we will likely cross over last year in April or worse case in June.

Note that this deals with Las Vegas...and not with National RE. RE is Local.

And this is happening with all those awful foreclosures clotting up the market.

"Happy days are here again"... Getting close

[SpedF22]

I think the reason that prices are up is because buying a foreclosure is hard to stomach. As a result, the best condition homes are selling. Unfortunately, that doesn't get the junk off the market.

[olecapt]

Originally Posted by SpedF22

I think the reason that prices are up is because buying a foreclosure is hard to stomach. As a result, the best condition homes are selling. Unfortunately, that doesn't get the junk off the market.

Nope - what is selling is all the junk. The good stuff sits there. Weird huh?

[Kabrasco LaFonz]

Personally I would rather buy a $110/sqft piece of "junk" than a similar house in a similar area that has cheap cosmetic upgrades and is going for $150/sqft. It really does not take that much money to replace carpet, do touch up paint, even get some updated counter tops, etc.
Out of curiosity, what is "good stuff"?

[airics]

there are still "diamonds in the rough" available with the bank owned... heck my house i bought in Pavona estates.. was move in condition and the previous owner put terrazzo tile everywhere (all 3 floors) .. yes overkill but it looks great... at a cost of $60,000 for the tile and install..

[SpedF22]

Originally Posted by olecapt

Nope - what is selling is all the junk. The good stuff sits there. Weird huh?

I disagree. Once again, I think it depends on the market segment you're considering. I've been watching the $400k+ market in Club Aliante and 89138. The homes we've seen that are in good condition and priced relatively reasonably are moving in that segment. The foreclosures in poor shape aren't moving, and the homes in good shape that are listed at 2005 prices aren't moving.

I don't know much about other segments or even other locations in the valley. But the locations I mentioned have some pretty interesting things going on relative to the action between 2002-2005.