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View Poll Results: People moving In and Out of Vegas Poll Question???
Do you know people moving out of Vegas at a stunning rate! 14 24.14%
Do you know people who stay for a while but hate Vegas 16 27.59%
Vegas is my Home and I plan to stay!!! 28 48.28%
Voters: 58. You may not vote on this poll

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Old 07-31-2008, 03:18 PM
 
Location: Las Vegas
3,731 posts, read 5,477,716 times
Reputation: 1229
Quote:
Originally Posted by desertsun41 View Post
I was just looking at those numbers this morning. LV has lead the nation in foreclosures for 17 consecutive months. So far it isn't looking like it is leveling off. From just May to June of this year we had a 24% increase and an 81% increase over last June. LV has more then 5 times the national average foreclosures.

California is a distant #2 as you may have easily guessed with Stockton leading the way over there.

Arizona is a close 3rd with Phoenix?Mesa taking the biggest hit.

Florida is a close 4th with Miami leading the way.

Michigan rounds out the top 5 with Detriot steamrolling ahead. Michigan was #9 in May but leaped to #5 in June thanks to a 25% increase from May to June this year. At the current rapid increase in filings, Michigan might just move up to 3rd place by Sept.

Source: Consumer Affairs

What I am wondering is are landlords going to relax their credit requirements for renters during this crisis and in the future? Approx one in every 70 families who now have a foreclosure on their score......will anyone in a safe decent area rent to them?

In the past it may have taken 5 years or more before one can secure a mortgage after having a foreclosure filing. Will this be different in the next 5 years or beyond? Will future lenders give some slack or will a big bad FICO computer program continue to make that judgment?
Good point there DS41...

I thought I read somewhere that it would only take 3 years to mend your credit if you ONLY foreclosed during these bad times, but kept up with all your other bills...

Bankruptcy is a different story though...

 
Old 07-31-2008, 03:22 PM
 
Location: Houston, Texas
10,428 posts, read 27,746,323 times
Reputation: 9520
Quote:
Originally Posted by AA702 View Post
Maybe because it has a lower percentage of investor vs. owner occupied? I am not sure, but this is a good guess. Anyone know the real reason?
Good question.

For a while now I hear that of the 23,000 +/- active and available in the MLS, 62% are vacant. That tells me 2 things. Lots of investors lost big and yet many more families have abandoned ship and moved on to who knows where with a foreclosure on their score.

For years and years we heard numbers from 5000 to 7000 people per month were moving here. These numbers came right from the Chamber of Commerce. If you go to their site now they make no recent claims of how many are coming or going to LV anymore. That is enough to cause suspicion that none of their claims were ever true. There is no doubt in anyones mind that people were flocking here like birds of spring for quite a lot of years regardless.

I always heard rumors that for every 5000 who moved here, 6000 left. If that were true then the poplation would not have increased the way it did. I think it is a fair guess to say many more are leaving right now then coming here. Word is slowly creeping that LV is no longer paradise for jobs.

Dont you ever wonder how the Chamber can possibly know? They claim to use DMV registrations as a guide. But how many people never re-register their car when they come here? How many make a call to the Chamber to let them know they are blowing this town?
 
Old 07-31-2008, 03:29 PM
 
Location: Houston, Texas
10,428 posts, read 27,746,323 times
Reputation: 9520
Quote:
Originally Posted by MomMom View Post
Good point there DS41...

I thought I read somewhere that it would only take 3 years to mend your credit if you ONLY foreclosed during these bad times, but kept up with all your other bills...

Bankruptcy is a different story though...
Correct. It has long been known that a bankruptcy was on your credit for 10 years but one could get credit in 3-4-5 or so years. Foreclosure? I never heard of it till these recent times. So very very few ever foreclosed. You just filed 7 or 13 and kept your home.

Mortgage people chime in here.

If one were to have a foreclosure but otherwise no late payments on anything for as far back as one can look, what are the chances of getting a new mortgage and how long before one can get one? You lenders must be seeing this exact scenario right now.

I realize a foreclosure will come with from 1 to 6 late or missed payments because thise ^&*()#$% lenders will not even talk to anyone unless they are 30 days late or more.

What does the future hold in this situation??
 
Old 07-31-2008, 03:31 PM
 
Location: Las Vegas
3,731 posts, read 5,477,716 times
Reputation: 1229
The Chamber of Commerce didn't make up those figures DS...they got them from the Feds...

All you have to do is log onto the US Census Bureau and see those figures for yourself. Especially noticeable after the tabulations from the 2006 Census...
 
Old 07-31-2008, 03:31 PM
 
Location: Las Vegas, NV
2,411 posts, read 5,112,629 times
Reputation: 771
Maybe if someone can get DMV data off all Metro Area people with drivers licenses and ID cards would be a better number to follow. CA still leads in the total number(no percentage) of residents moving there, and of course there are a lot of move out too.
 
Old 07-31-2008, 06:06 PM
 
14 posts, read 29,851 times
Reputation: 12
Quote:
Originally Posted by MomMom View Post
And I'm trying to tell you that Las Vegas is not unique. This goes on EVERYWHERE! Even in small, little towns with very small populations!

And all those things you mentioned are VERY much established in NYC, Boston, San Francisco, Seattle, Rome, Paris, London...to name a few.

Aren't THOSE, world class cities in YOUR mind?

Sheesh, suckers are born every minute.

Keep on thinking that and be in denial.
 
Old 07-31-2008, 06:20 PM
 
Location: Las Vegas (Huntridge)
1,158 posts, read 2,221,519 times
Reputation: 253
Quote:
Originally Posted by HOMELESSMAN View Post
Keep on thinking that and be in denial.
wow....what wonderland do you live in that you don't think those things happen in every city?

its one thing to say they are rampant here....another thing entirely to believe they only happen here.

clearly you've spent too much time floating on egyptian rivers .
 
Old 08-02-2008, 05:12 PM
 
14 posts, read 29,851 times
Reputation: 12
Quote:
Originally Posted by HOMELESSMAN View Post
Keep on thinking that and be in denial.

Las Vegas Boom is over and the gloom will settle in soon. Just as Detroit in early 1900 boom with hundreds of car makers in and around Detroit area totally collapse and left on 3 left, GM, Ford, Chrysler and barely even alive. Detroit has lost close to 50% of its inner city population from 1.5 million in 1950 to less than 800k now. You can get a 6 bedroom house in Detroit for 50k give or take


Same as NASDAQ in 2000 went over 5000 points and 1 years later 90% of dot com companies went bankrupt.


Las Vegas with their over building and people desperate to make riches in Vegas on low paying jobs means only the tip of the iceberg. current forclosure rate is 1 in 35 house. By Next year it will be 1 in 20. In two years the estimate is 1 in 10. Get out of Las Vegas, History will repeat itself. In 3 years now your house will lose 90% of its value ot junk status.


In Detroit there is Magifient house but all the property is worthless since everybody has left and crime is horrific.

Mark my words, this situation is going to be a recession and turn into a near depression. In Las Vegas is the leading example what is about to happen.

in three years 1 in 10 Houses up foreclosure

In 3 years close to 90% Value of homes gone and become worthless

Mass exodus of people leaving

and etc. Gas is going to go up to $8 a gallon in 2 or 3 years. Reality sucks.

Last year I purchases a plane ticket for $190 or so. This year almost $300.

Well the saying is It Vegas baby!!!
 
Old 08-02-2008, 06:14 PM
 
Location: Albuquerque, NM - Summerlin, NV
3,460 posts, read 3,158,360 times
Reputation: 682
Quote:
Originally Posted by Buzz123 View Post
But no other city was growing like we were, and cities like Albuquerque, while growing, were not attracting as many investors as Las Vegas. They actually discouraged Californians, the chief culprits, from going there and investing in houses. So many people were moving here that builders and buyers thought it would never end. Anytime there is a frantic investment orgy those on the tail end are going to get burned. Knowing when the tail end is in sight is the trick. Look at the oil market. A lot of those people had to have lost some money recently, although probably not a lot. You can't expect people to keep paying more than something is worth forever. As many have pointed out, this isn't just a Las Vegas problem, although several people on here would like to use it to criticize Las Vegas. I don't know why certain people stay here if they hate it so much, except they are so negative they would hate it wherever they were.
Well that was a good answer but how could they not know it was never gunna end?..

And Albuquerque has afforadable housing ..maybe thats why it continues to grow.
 
Old 08-02-2008, 06:47 PM
 
Location: Las Vegas (Huntridge)
1,158 posts, read 2,221,519 times
Reputation: 253
Quote:
Originally Posted by HOMELESSMAN View Post
Las Vegas Boom is over and the gloom will settle in soon. Just as Detroit in early 1900 boom with hundreds of car makers in and around Detroit area totally collapse and left on 3 left, GM, Ford, Chrysler and barely even alive. Detroit has lost close to 50% of its inner city population from 1.5 million in 1950 to less than 800k now. You can get a 6 bedroom house in Detroit for 50k give or take


Same as NASDAQ in 2000 went over 5000 points and 1 years later 90% of dot com companies went bankrupt.


Las Vegas with their over building and people desperate to make riches in Vegas on low paying jobs means only the tip of the iceberg. current forclosure rate is 1 in 35 house. By Next year it will be 1 in 20. In two years the estimate is 1 in 10. Get out of Las Vegas, History will repeat itself. In 3 years now your house will lose 90% of its value ot junk status.


In Detroit there is Magifient house but all the property is worthless since everybody has left and crime is horrific.

Mark my words, this situation is going to be a recession and turn into a near depression. In Las Vegas is the leading example what is about to happen.

in three years 1 in 10 Houses up foreclosure

In 3 years close to 90% Value of homes gone and become worthless

Mass exodus of people leaving

and etc. Gas is going to go up to $8 a gallon in 2 or 3 years. Reality sucks.

Last year I purchases a plane ticket for $190 or so. This year almost $300.

Well the saying is It Vegas baby!!!
wow....not sure how it is possible, but you really got almost nothing in the post correct

hundreds of car makers in detroit in the early 1900s? might want to brush up on your history.

recent reports also suggest that while many dot companies folded, close to 50% were around till 2004 (Goldfarb, Brent D., Kirsch, David and Miller, David A., "Was There Too Little Entry During the Dot Com Era?" (April 24, 2006). Robert H. Smith School Research Paper No. RHS 06-029). not really the 90% bankruptcy in 1 year you stated.

where the F did you get your housing foreclosure info from....sounds made up to me. cite something if you got it, but until then your stats are as worthless as the rest of your doom and gloom predictions. houses losing 90% of their value in 3 years? hah! mass exodus? not unless something remarkably tragic happens to the nation.

and for god's sake, man...if you are going to try and get all witty and wrap up your rant w/ a vegas slogan at least get it right, poor english not withstanding. (It Vegas baby!....really?)

**and oh yeah - why the hell did you quote yourself?
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