[von949]

Originally Posted by TruthMonster

Well, Greed, liar loans, investors and Real Estate Agents caused this mess. Investors buyng and flipping all the way to flop. Now since things are close to hitting bottom here comes another wave of investors. Buying houses, renting them with Section 8 and bad credit. There goes the neighborhood. Sec. 8 & public transit spells the end of rising home prices. Even if you hang on for years and your house gains 5% you have still lost because the Real Estate Agents take 6%. I would say Summerlin and Green Valley would be the 2 areas that take the least hit. But with sec 8 all bets are off. Vegas needs to limit the homes investors can buy because in essense Vegas could become an even more transient town. However in a State and City that re-elected Harry Reid whose minions Frank/Dodd just to mention a few who caused this mess I have little hope. God Bless

How about people just hang on till their home is paid off. What would the loss be then?

Originally Posted by MSchu

More than 20 years until home prices reach pre-bust levels, Moody's says - VEGAS INC

Las Vegas homeowners will have to wait until 2020 to get back half the value of their home lost during the housing collapse and more than 20 years before getting it all back, according to a Pennsylvania research firm.
The struggle of the housing market, in part, is why Moody’s Analytics forecasts the economic recovery will be slow in Southern Nevada. Nevada will remain in a recession through the summer, and it won’t be until 2015 that jobs pared during the downturn in Las Vegas will be restored.


Sounds about right... 2020 is only 8 years away or so.

20 years is good enough for me.

[olecapt]

Originally Posted by von949

How about people just hang on till their home is paid off. What would the loss be then?

I would think we will see a substantial correction in home values when we run through the foreclosure mess. That is of course still several years away. But I don't think the differential between replacement cost and market price will be sustained once the forclosed goes to some normal level.

If one rides it out I would expect mortgage owed and market value to cross over before 20 years and maybe sooner. A 30 year 6% mortgage reaches half value in about 21 years.

So I would think those that riding out a single family will get above water starting in 10 or 12 years and most will be clear in 20. Condos will probably take more than 20 years.

As to section 8...note that the number of section 8 vouchers is fixed and has not changed for years. Most SFR rentals reject section 8. It is really not a significant factor other than in a few condo developments.

[MSchu]

not to mention if you are on a accelerated payback plan like us... (eg 10-15 years), you are really sitting quite nice.

sure, take that extra money and invest it bla bla bla...

[Sloppy_seconds]

Originally Posted by Summerlin

Does anyone know? Is it better to stay in 89144, 89145 or the outer villages such as 89135 and 89134?

Probably the last two. But they all have good chances.