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Old 10-18-2008, 12:28 AM
 
Location: Louisiana
157 posts, read 376,567 times
Reputation: 48
So hearing this I probably should continue to rent and wait a few months to fork over 300K to buy a house. Sounds like people will get more desperate and it may be 200 in 3 months. Should I wait or should I buy? I know no crystal ball but you locals have a better grip on the Vegas economy than Wall Street does

 
Old 10-18-2008, 09:40 AM
 
96 posts, read 190,733 times
Reputation: 52
Default only one solution

There is no fix for the economy except to lower the prices of everything. That is the only way to generate revenue for businesses to make money. If they keep those high prices for everything, noone will buy anything and businesses will close and everyone loses more jobs. Since everyone has gotten so greedy the past few years, i don't know if that is going to happen quickly enough. Corporate executives greed these past few years will cause the worldwide economy to implode.
 
Old 10-18-2008, 10:21 AM
 
Location: Here and there, you decide.
9,456 posts, read 14,360,164 times
Reputation: 2401
Quote:
Originally Posted by GoreeGal View Post
So hearing this I probably should continue to rent and wait a few months to fork over 300K to buy a house. Sounds like people will get more desperate and it may be 200 in 3 months. Should I wait or should I buy? I know no crystal ball but you locals have a better grip on the Vegas economy than Wall Street does
depends where the house is... if it is a large house with a pool and you are in love with it, go for it...

if its an investment, i'd be nervous at 300k.... best ones are in the 150-200 for rental purposes.
 
Old 10-20-2008, 11:29 AM
 
289 posts, read 679,950 times
Reputation: 81
Quote:
Originally Posted by GoreeGal View Post
So hearing this I probably should continue to rent and wait a few months to fork over 300K to buy a house. Sounds like people will get more desperate and it may be 200 in 3 months. Should I wait or should I buy? I know no crystal ball but you locals have a better grip on the Vegas economy than Wall Street does

Well, take a look at this graph. The green line shows Las Vegas home prices:

2008_10_01_case_shiller_phoenix_home_price_graph.p ng (image)

The trend seems pretty clear. I think if you wait it'll head even lower:
 
Old 10-20-2008, 11:33 AM
 
Location: Here and there, you decide.
9,456 posts, read 14,360,164 times
Reputation: 2401
again it depends where the home is.
 
Old 10-20-2008, 07:44 PM
 
Location: Louisiana
157 posts, read 376,567 times
Reputation: 48
Quote:
Originally Posted by dude66 View Post
Well, take a look at this graph. The green line shows Las Vegas home prices:

2008_10_01_case_shiller_phoenix_home_price_graph.p ng (image)

The trend seems pretty clear. I think if you wait it'll head even lower:
Does anyone have a link to what the average monthly decline % in real estate in various areas of Vegas I do not mean medium price decline just the overall decline in the market on existing homes.
 
Old 10-20-2008, 09:14 PM
 
Location: Macao
12,454 posts, read 18,428,137 times
Reputation: 6106
Quote:
Originally Posted by dude66 View Post
Well, take a look at this graph. The green line shows Las Vegas home prices:

2008_10_01_case_shiller_phoenix_home_price_graph.p ng (image)

The trend seems pretty clear. I think if you wait it'll head even lower:
I would agree with you about the trends, for sure.

Something is funny about that map though, for one, I thought average housing prices were MUCH HIGHER during the height of the bubble.
 
Old 10-20-2008, 09:16 PM
 
Location: Here and there, you decide.
9,456 posts, read 14,360,164 times
Reputation: 2401
i think the graph is wrong... avg price now is 150-160 and in the boom 210????? what are the graphes sources.....
 
Old 10-20-2008, 10:52 PM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 19,983,748 times
Reputation: 2661
Quote:
Originally Posted by airics View Post
i think the graph is wrong... avg price now is 150-160 and in the boom 210????? what are the graphes sources.....
It is the Case-Shiller index not the home price. It is basically the change since 1/1/2000. I think it is pretty well correct. Note though that we have now achieved early 2004 or late 2003 prices. So the question is it flattening yet. All the curves show the beginning of a flattening trend but I don't believe it...the pricing is pretty linear through October and at a pretty high rate of decline.

Then again things can change suddenly. When the brick wall was hit in August of 2004 prices just stopped going up. Boom.

October is clearly down from September but it is interesting to note that the prices have not decreased during the month. Week three looks just like week one. Volume continues out of sight. I expect this October to be the biggest volume October in history.

Note that there is also a wild inversion in list prices. Many of the shorts are listing 10 to 20% below the REPO sales prices which are about 20% below the non distressed. I think it is a put on. The RE Agent have figured out that they need an offer so they are setting it low enough to get one. We shall see what they actually sell for.
 
Old 10-25-2008, 03:39 AM
 
1,755 posts, read 3,710,994 times
Reputation: 228
In response to the thread title--------LV gaming stocks are currently at new lows across the board. The investment community has finally realized that the unwarranted growth, and future earning potential of LV gaming does not, and perhaps never really did prove to be unique phenomenon. The market cap of LV giants has seen a decrease of 75-80% in the last year or so, and investors now realize a growth of 20-25% in revenue by 2010 is IMPOSSIBLE. Local moguls, and shareholders with large gaming holdings have been crushed this year. This over-growth will absolutely prove to be a major economic debacle to the local economy.
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