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Old 03-06-2009, 11:06 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,479,957 times
Reputation: 2661

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Quote:
Originally Posted by tony soprano View Post
The inventory of REOs may be falling but the supply is being artificially constrained. The foreclosure moratorium is now approaching 3.5 months in duration. The fact that Congress is currently voting on the mother of all housing market interventions (mortgage cram downs) should make it rather self-evident that the market is not improving. They're intervening precisely because the market is not improving. They're desperately trying to put a bottom in the housing market.
Actually I don't think the Congress is remotedly interested in what is happening in Las Vegas...or Phoenix or the inland empire. All crack pot places that they feel are likly getting what they deserve. I also note that no big players in the subprime mess are missing from the foreclosure tally. You think they are only part mortatoring?

But I will wait and see what happens next. In the interim we continue to have declining REO Inventory. It is a fact.

Gonna be an interesting few months.
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Old 03-07-2009, 12:56 AM
 
Location: Kailua Kona, HI
3,199 posts, read 10,959,643 times
Reputation: 3378
Many people who buy rental property are small timers, buying 1 or 2 or 3. (by the way, qualifying for a mortgage based on income is fairly common and I'm talking the old traditional way) Anyhow, I see lots of people who thought that rents and housing values would continue to climb at the insane rate that it did for a few years. They thought it would never end, and that they were set. Now I see owners asking me to cut the gardening costs in half, ask the tenant to do the gardening, telling me if the place is not rented soon they're gonna lose it. That now with rents only a few hundred dollars less than they were, that their negative cash flow is about to drown them.

Big time investors with a lot of capital and diverse income strategies is not the audience I was addressing which should have been pretty obvious.
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Old 03-07-2009, 03:56 AM
 
1,347 posts, read 2,111,241 times
Reputation: 483
Quote:
Originally Posted by olecapt View Post
Actually I don't think the Congress is remotedly interested in what is happening in Las Vegas...or Phoenix or the inland empire. All crack pot places that they feel are likly getting what they deserve.
Regardless, unless those crack pot places are excluded, they'll benefit from all the same policy that's being directed at slowing foreclosures.
Quote:
I also note that no big players in the subprime mess are missing from the foreclosure tally. You think they are only part mortatoring?
I'm not sure if I fully understand what you're asking. You are pointing out that you're still seeing foreclosures from the big subprime lenders? The moratorium is for owner occupied homes. If the homes have been abandoned, then the lender can proceed with foreclosure. So no, foreclosures won't completely disappear for any lender.
Quote:
But I will wait and see what happens next. In the interim we continue to have declining REO Inventory. It is a fact.
I would expect so. If there was a three month rolling moratorium on companies laying off their employees, would anyone be surprised to see a reduction in job losses?
Quote:
Gonna be an interesting few months.
Agreed. I'm particularly interested in what happens when they turn the faucet back on.
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Old 03-07-2009, 08:12 AM
 
Location: Fort Worth and Las Vegas
255 posts, read 485,156 times
Reputation: 73
Quote:
Originally Posted by olecapt View Post
In January of 2009 4312 single family properties changed hands or sold in Clark County. Of these 2524 were sold with the tax address the same as the property address...ie owner occupant. 856 were transferred to owners not using the property address...ie investors or second homes. Of these transfers less than 50 were to banks. 1932 were trustee sales to non owners...more than 95% were banks.

Addit all up and banks took possession of less than 2000 single family homes in January. They appear to have taken even less in February but the data is not yet complete.

So there are no 15,000 foreclosures. There are not even 2500 allowing for condos.

This is from the tax data base but is in keeping with the MLS base which shows similar numbers.

It just ain't happening...and we are running out of REOs.
Running out of REOS. Yeah right. My you know what. Either you are incompetent or lying probably both. It's been shown here on other threads you encouraging people to buy in 2007 as the crash was in full effect - you have to live with your conscience on that. You may have some knowledge on where to live in the city but you are an absolute shill when it comes to whether someone should buy right now. You seem incapable of grasping the magnitude of this downturn. I gave people here some idea when to buy by some simple metrics in another thread (100 to 120 times rent - if a place sells at that price, then by all means, buy, but if not wait b/c prices will keep dropping). If you want current rents, go to Craigslist and see what something is renting for right now. Rents have dropped about 20% there in the past few months. Here are some actual sites that show inventory up INCLUDING REOS! And as always, have a great day.

HousingTracker.net | Median Home Asking Price & Inventory Data for Las Vegas, Nevada
Real Estate Region Detail | Housing Watch
Clark County Foreclosure Homes - Clark Foreclosures, NV - Nevada Foreclosure Listings
Clark County NV Foreclosure Reports

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Old 03-07-2009, 09:13 AM
 
Location: state of enlightenment
2,391 posts, read 4,560,972 times
Reputation: 2435
Quote:
Originally Posted by rpachigo View Post
Running out of REOS. Yeah right. My you know what. Either you are incompetent or lying probably both. It's been shown here on other threads you encouraging people to buy in 2007 as the crash was in full effect - you have to live with your conscience on that. You may have some knowledge on where to live in the city but you are an absolute shill when it comes to whether someone should buy right now. You seem incapable of grasping the magnitude of this downturn. I gave people here some idea when to buy by some simple metrics in another thread (100 to 120 times rent - if a place sells at that price, then by all means, buy, but if not wait b/c prices will keep dropping). If you want current rents, go to Craigslist and see what something is renting for right now. Rents have dropped about 20% there in the past few months. Here are some actual sites that show inventory up INCLUDING REOS! And as always, have a great day.

HousingTracker.net | Median Home Asking Price & Inventory Data for Las Vegas, Nevada
Real Estate Region Detail | Housing Watch
Clark County Foreclosure Homes - Clark Foreclosures, NV - Nevada Foreclosure Listings
Clark County NV Foreclosure Reports

Now, now, let's not get personal. To be fair most people, unless they've lost their job and house, are still in denial. They're in "It can't possibly happen to me" mode because they've never lived thru real hardship. Sadly, it'll get ugly.
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Old 03-07-2009, 10:33 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,479,957 times
Reputation: 2661
Quote:
Originally Posted by rpachigo View Post
Running out of REOS. Yeah right. My you know what. Either you are incompetent or lying probably both. It's been shown here on other threads you encouraging people to buy in 2007 as the crash was in full effect - you have to live with your conscience on that. You may have some knowledge on where to live in the city but you are an absolute shill when it comes to whether someone should buy right now. You seem incapable of grasping the magnitude of this downturn. I gave people here some idea when to buy by some simple metrics in another thread (100 to 120 times rent - if a place sells at that price, then by all means, buy, but if not wait b/c prices will keep dropping). If you want current rents, go to Craigslist and see what something is renting for right now. Rents have dropped about 20% there in the past few months. Here are some actual sites that show inventory up INCLUDING REOS! And as always, have a great day.

HousingTracker.net | Median Home Asking Price & Inventory Data for Las Vegas, Nevada
Real Estate Region Detail | Housing Watch
Clark County Foreclosure Homes - Clark Foreclosures, NV - Nevada Foreclosure Listings
Clark County NV Foreclosure Reports

Repeating untruths does not improve their quality.

You know this is really kind of dull. You are attacking an RE Agents data by trying to use secondary data from the same source. It is not a winnable battle.

Here is the GLVAR Inventory chart for January 2009.

http://www.donohueteam.com/Realtor/Jan09CompStats.pdf

And here is the extraction of the REO SFRs from that base....

http://www.donohueteam.com/Realtor/REO SFR Search SearchReport.pdf

The REO number was 6500 in January.
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Old 03-07-2009, 11:04 AM
 
Location: Beautiful Upstate NY!
13,819 posts, read 24,545,114 times
Reputation: 7615
The same mechanisms that lead to the quick rise in LV house prices is also responsible for it's quick decline....fast up = fast down. Other areas in the country, where house prices rose steadily over time are feeling the housing crisis much less because the house prices have also declined steadily over time...and with a lot less volatility.

I agree with geos (it's gonna get ugly) AND olecapt (it'll be a few interesting months)....in regards to the LV housing market..."The Epicenter of the Mortgage Crisis".
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Old 03-07-2009, 11:16 AM
 
Location: Here and there, you decide.
11,575 posts, read 22,669,562 times
Reputation: 3882
Quote:
Originally Posted by rpachigo View Post
I gave people here some idea when to buy by some simple metrics in another thread (100 to 120 times rent - if a place sells at that price, then by all means, buy, but if not wait b/c prices will keep dropping).
so if i understand what you are saying is.. if you can buy a home for $144,000 and then rent it for $1200 (1200x120=144k) than now is the best time to buy because at this price it is extremely doable! my source for the 1200 per month, is my own rental house..
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Old 03-07-2009, 11:46 AM
 
Location: state of enlightenment
2,391 posts, read 4,560,972 times
Reputation: 2435
Quote:
Originally Posted by airics View Post
so if i understand what you are saying is.. if you can buy a home for $144,000 and then rent it for $1200 (1200x120=144k) than now is the best time to buy because at this price it is extremely doable! my source for the 1200 per month, is my own rental house..
I like the 1%/mo rule. $1200 = 1% of 120k. It'll get there. Be patient.
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Old 03-07-2009, 11:52 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,479,957 times
Reputation: 2661
Quote:
Originally Posted by geos View Post
I like the 1%/mo rule. $1200 = 1% of 120k. It'll get there. Be patient.
It is not that simple. Rents vary and HOA fees play a role as you get to these lower prices.

Virtually all homes below the present median - half the market - are now priced so as to be cheaper to own than rent.


A year ago there were close to none. And it was none in nicer zips.
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