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Old 03-06-2009, 03:08 PM
 
Location: Fort Worth and Las Vegas
255 posts, read 486,699 times
Reputation: 73

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Bulk of homeowners in state unlikely to qualify for aid...

ReviewJournal.com - News - FORECLOSURE CRISIS: Many Nevadans 'upside down' on mortgages

Asking prices down and inventory up yet again...

Real Estate Region Detail | Housing Watch

Here are some weekly real estate updates by your friendly Dr. Doom.
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Old 03-06-2009, 03:23 PM
 
Location: Las Vegas
3,728 posts, read 8,242,500 times
Reputation: 1311
Quote:
Originally Posted by rpachigo View Post
Bulk of homeowners in state unlikely to qualify for aid...

ReviewJournal.com - News - FORECLOSURE CRISIS: Many Nevadans 'upside down' on mortgages

Asking prices down and inventory up yet again...

Real Estate Region Detail | Housing Watch

Here are some weekly real estate updates by your friendly Dr. Doom.
Bad news only for those who signed on the dotted line when they shouldn't have.

Good news for anyone with the cash to buy a rental income property

Last edited by MomMom; 03-06-2009 at 03:35 PM..
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Old 03-06-2009, 04:20 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,625,542 times
Reputation: 2661
The inventory numbers don't compute. SFR are clearly down and, more importantly, the REOs are going down at a reasonably high rate.

I am not sure yet what is important with respect to bailout attempts. I would think the only thing that would have real impact here would be a real cramdown. The bankruptcy one would work but that is going to have a rough time in the Senate.
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Old 03-06-2009, 04:52 PM
 
Location: Henderson
110 posts, read 279,611 times
Reputation: 52
I called countrywide recently to refinance my mortgage. I was too late making that call. When we got our loan the interest rate was not bad. 6.3% Our credit is pretty good, our scores are both over 700, and the interest rates keep falling and I was hopeful to maybe refi for 4.8% or just something lower that would lower my monthly payments. I have never been late. I just had not realized that home values were falling so much. Nope, can't refi because I'm too far underwater. I'm stuck with my current loan. Our mortgage is about 24 % of our monthly take home. Is there some incentive to not skip a month? I could use the extra cash.

This credit mess is affecting even people with a good credit history. I generally dont carry much of a balance on my credit card, but the available credit has been zapped. We had an available of 10000 cut in half. I dont use that much, my balance is under 1000 always, and I just can not charge what I cannot pay for. I liked knowing I could... I think the companies are afraid that we all will use up our available credit like some folks have. Not yet anyway.
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Old 03-06-2009, 04:56 PM
 
Location: Fort Worth and Las Vegas
255 posts, read 486,699 times
Reputation: 73
Quote:
Originally Posted by olecapt View Post
The inventory numbers don't compute. SFR are clearly down and, more importantly, the REOs are going down at a reasonably high rate.

I am not sure yet what is important with respect to bailout attempts. I would think the only thing that would have real impact here would be a real cramdown. The bankruptcy one would work but that is going to have a rough time in the Senate.
15,661 foreclosures
17,885 pre-foreclosures

Extremely elevated numbers and this is now escalating to safe borrowers and intentional foreclosures. No other way to explain this. The mayhem continues unabated. Prices will bottom at 100 - 120 times rent depending on cap. rate. Unfortunately rents keep decreasing (I know firsthand as a landlord) so the denominator keeps decreasing as such the numerator will also decrease (house price). This is happening in Cali. too on a different and more scary scale.

Clark County NV Foreclosure Reports
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Old 03-06-2009, 05:33 PM
 
Location: state of enlightenment
2,391 posts, read 4,577,927 times
Reputation: 2435
Quote:
Originally Posted by rpachigo View Post
15,661 foreclosures
17,885 pre-foreclosures

Extremely elevated numbers and this is now escalating to safe borrowers and intentional foreclosures. No other way to explain this. The mayhem continues unabated. Prices will bottom at 100 - 120 times rent depending on cap. rate. Unfortunately rents keep decreasing (I know firsthand as a landlord) so the denominator keeps decreasing as such the numerator will also decrease (house price). This is happening in Cali. too on a different and more scary scale.

Clark County NV Foreclosure Reports
I remember not too long ago on the San Diego RE investment group the raging argument was soft landing or hard landing. Is it safe to say that argument has been settled? When the dust settles I expect it will be very ugly. The final toll will be -75% in the bubble markets like LV, Phoenix and parts of CA and I'll be there with cash in hand. But the waiting is killing me.
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Old 03-06-2009, 10:41 PM
 
Location: Kailua Kona, HI
3,199 posts, read 11,027,297 times
Reputation: 3380
Remember the #1 rule of investment buying! Do NOT buy a rental property if you must depend on rent in order to make your payments.

I am a property manager seeing the effects of this on owners first hand. It's not pretty.
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Old 03-06-2009, 11:10 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,625,542 times
Reputation: 2661
Quote:
Originally Posted by rpachigo View Post
15,661 foreclosures
17,885 pre-foreclosures

Extremely elevated numbers and this is now escalating to safe borrowers and intentional foreclosures. No other way to explain this. The mayhem continues unabated. Prices will bottom at 100 - 120 times rent depending on cap. rate. Unfortunately rents keep decreasing (I know firsthand as a landlord) so the denominator keeps decreasing as such the numerator will also decrease (house price). This is happening in Cali. too on a different and more scary scale.

Clark County NV Foreclosure Reports

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.
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Old 03-06-2009, 11:17 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,625,542 times
Reputation: 2661
Quote:
Originally Posted by KonaKat View Post
Remember the #1 rule of investment buying! Do NOT buy a rental property if you must depend on rent in order to make your payments.

I am a property manager seeing the effects of this on owners first hand. It's not pretty.

Too simplistic Kona. Don't buy a house if you have to have your salary to make your mortgage payment?

May be well to hedge the bet...have six or seven where no 2 can cause you to need the mortgage payment.

I would agree one should have liquid resources to handle a short term problem. But one can take a rational risk as long as you think it through.

YOu may even want to set the whole thing up as an LLC so it can be dumped if lightning stikes and all the potential renters are unemployed.
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Old 03-07-2009, 12:00 AM
 
1,347 posts, read 2,121,027 times
Reputation: 483
Quote:
Originally Posted by olecapt View Post
It just ain't happening...and we are running out of REOs.
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.
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