[olecapt]

Originally Posted by whowhatwhere

BTW - if the most recent local numbers you have are from May 21 you really are looking in the wrong place.

Same old same old. Prudential is a going concern that does things that it does not consult me about. That is fine. High Rise is generally not an area I recommend to my clients. But perhaps one day soon it will reach the right price point for at least some.

As to the dates I believe we were speaking of the Clark County Tax Database. If you have now found the May 21 entries to be accurate it would indicate you were quite wrong on the timeliness of that data base.

Having watched you now be wrong repeatedly that is not unlikely.

[sheriff]

SFR, condos, new homes, auctions; it doesn't matter. There will be another huge wave of foreclosures in LV, and continuing slide in consumer spending and tax revenue. Part time work, with no benefits will be the norm in LV. Even those with "valued" work experience are, and will find themselves earning less----the service industry---once stable in LV, and those who they support-----------EVERYONE in the valley----is a thing of the past. Yes, some will prosper, most will suffer.

[kcoliver]

O.K - my 2 cents worth. We purchased a home about 6 weeks ago (still waiting for recording). During that time things went nuts - of the homes we looked at, 28 in zip 89129 from $90,000. to $140,000 - only 5 are available now. 3 of those 5 have been on market over 200 days (suggesting short sale mess). Leaving 2.

After talking to people in Lowes - they tell me fellow employees have gone into bidding wars on homes going well over asking price. Same rang true with water personel telling me people having water turned on were in full blown bidding wars with as many as 8 to 10 people, and yes they paid OVER asking price.

No I'm NOT a realtor - just check out the mls sites.....most homes have offers, contingent or pending (to me that's sold). So is the bottom here? Maybe - in any case if more foreclosures are coming onto the market I feel they will be in higher priced homes - i.e $900,000 - now worth $450,000. Not in my bracket, even if it is 1/2 priced.

[BUGBULLY]

We just got our house in March, our neighbor walked away from his house for cash for keys, a month later. The house was on the market for a couple of weeks, now an offer was accepted for 11,000 over the list price. The house is about 2500 square feet with a pool, went quick. Our house is bigger and has a bigger pool and was almost $20,000 less then what they got that one for. Homes are selling!

[JDinNV]

FWIW: My builder just poured three foundations today on our street. When I talked to the super, he said these three would go up and possibly another three very soon thereafter.

I thought that was a positive sign.

[rpachigo]

Now for a dose of reality...
Next foreclosure wave building with defaults on fixed-rate loans

Next foreclosure wave building with defaults on fixed-rate loans - Las Vegas Sun

[Luke9686]

What we really need to do to correct this housing market is lower interest rates and reduce lending standards. That will drive home sales to all time highs I bet...

I guess only time will tell who is right. My opinion is we haven't seen nothing yet. While real estate is truly local, the national scale has much to do with sale in economies like this. While the national home sales decline, prices decline, etc, people on the local level will not buy homes because of these factors.

[horseplayer]

Originally Posted by Luke9686

What we really need to do to correct this housing market is lower interest rates and reduce lending standards. That will drive home sales to all time highs I bet...

That's how we got into this mess.

[tony soprano]

Originally Posted by horseplayer

That's how we got into this mess.

I think he just forgot the "sarcasm" emoticon.

[olecapt]

Originally Posted by rpachigo

Now for a dose of reality...
Next foreclosure wave building with defaults on fixed-rate loans

Next foreclosure wave building with defaults on fixed-rate loans - Las Vegas Sun

All pretty much irrelevant. It is the rate at which foreclosures occur that determines what happens. At the moment the system is still chugging through the inventory of REOs at about 150 per week. It is now under a month and the sales of REOs may even be slipping. The percentage of REOs in the mix has slipped from just over 80% early in the year to under 75% in the first part of June.

Everything continues to indicate that we are going to starve REOs...there simply are not enough coming to meet the demand. The presence of more conventional loan foreclosures later might prolong the length of time REOs are important to the market...but it does not neccessarily change the rate at which they occur.

I think the blog chart has likely hit bottom. The present June prices are slightly above the 30 day totals used in the blog charts. Given the trend continues two more weeks we may well see the bottom at the moment.

Where next? Who knows...

Interesting times.