[olecapt]

Originally Posted by gtbguy

The banks sure control the situation.

Only partially. The process takes time and costs money. They appear staffed in LV to handle about 3000 a month and that is what they do.

I would think it runs on at this level as long as it takes.

Note however that REO and most prices appear to be slowly rising.

[gtbguy]

Originally Posted by olecapt

Note however that REO and most prices appear to be slowly rising.

That is exactly what I am experiencing right now.

[pommysmommy]

A realtor friend of mine told me of a couple from El Paso who made an offer on a home in Las Vegas. The offer was accepted but the deal fell through because the home did not appraise for the price offered and they could not get financing. It seems to be a speculator's cash market. I hope they are prepared to wait years for property values to increase.

[MN-Born-n-Raised]

Originally Posted by pommysmommy

A realtor friend of mine told me of a couple from El Paso who made an offer on a home in Las Vegas. The offer was accepted but the deal fell through because the home did not appraise for the price offered and they could not get financing. It seems to be a speculator's cash market. I hope they are prepared to wait years for property values to increase.

You just described the extra work that many non-cash offers are experiencing. Mortgage officers and real estate agents are jumping through a lot of hoops to get things closed.

[MN-Born-n-Raised]

In light of a weakening Case Shiller housing index as a whole:

See Mish's Global Economic Trend Analysis: Wells Fargo Chief Economist: "There is no clear, easy way out for housing"

“There is no clear, easy way out for housing,” said John Silvia, chief economist at Wells Fargo. “Contrary to my hopes, housing prices and the housing market in general will weaken again.”

Vegas can catch a cold as easy as any area in the country considering the high unemployment and rising payment delinquencies.

[RCCCB]

Buyers chasing homes in Las Vegas as prices continue falling - Business - ReviewJournal.com

[olecapt]

Originally Posted by RCCCB

Buyers chasing homes in Las Vegas as prices continue falling - Business - ReviewJournal.com

Prices have now been pretty much stable since June. Hubble is correct that they are down year over year. But month over month they are stable or up.

We remain bouncing along the bottom. The bank owned are actually up a few percent and appear to be continuing in that direction.

Pretty good shot at a small rise next year...given the bottom does not fall out on the whole economy or such.

[007 license to sell]

I attended a foreclosure and short sale certification class at the Greater Las Vegas association of realtors and the instructor told us that he has confirmed that the banks are sitting on 52,000 bank owned properties in and around the las Vegas area, and with at least 700 properties a week going into foreclosure. Along with the 5 year option arms that will be resetting there is going to be some major issues regarding inventory and how long will the banks hold on to these properties to continue manipulating prices and inventory.
In some states Fannie Mae is renting the bank owned properties back to the owners they foreclosed on any where from a year to two years while they wait to see how this market is going to fair in a couple of years.

[airics]

Who was the instructor? Last week I was at a class there and was told exactly the opposite. Point is nobody knows what the hell is going on

[007 license to sell]

Originally Posted by airics

Who was the instructor? Last week I was at a class there and was told exactly the opposite. Point is nobody knows what the hell is going on

Your right about that all the experts can't seem to agree,
I can't remember the instructor but it was the one held on 11/05/2009.

All I know is to prepare for the worst and hope for the best these days.