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Las Vegas #1 scam are not those Casino machines. #1 scam in Las Vegas are those poorly build desert homes. Everyone is involved in pumping and promoting those ugly desert homes in that city, from taxi drivers to food servers in the casino, everyone just talks about those homes. When you look at the property history you can see that every other house has been bought and sold dozen times in very short period of time. That is because no one buys a house in that market to live and raise a family. Everyone just wants to make money, buy, sell, flip, buy and hold, buy and rent.....etc. Majority of Las Vegas residents can't wait to leave that desert city but before they do that cashing out that big lottery housing ticket is a must.
Who was buying Las Vegas real estate since 2009? Worldwide + domestic speculators + Wall Street Hedge funds. Banks kept huge foreclosed shadow inventory off the market in order to stop the prices from falling even more. The entire housing market in that city is a scam and those homes are overvalued by 120% today. That's right 120%, maybe even more. Today only those uneducated casino workers and unsuspected out of state buyers are signing up for overinflated mortgages and paying those overinflated prices. LAs Vegas homes are #1 SCAM!!!
The market is starting to show some signs of slowing down there, but try explaining that to the real estate bulls on the LV forum... I like the desert climate and LV works well for my lifestyle (plus no state income tax is a huge bonus) but instead I own rental property in more stable makets in the northeast.
The low salaries in LV don’t justify the prices. It’s unfortunate that deep pocketed foreigners and financial firms are inflating prices and reducing affordability for regular working people, but there are too many vested interests that have too much influence over the political system for that to change. I thought I read somewhere that foreigners are only 8% of the LV market though.
For me the 13.5% rate worked out well because rates continued to drop... my last fixed mortgage is 2.75%
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Each generation has to find it's own way forward... again, 2012 was the buy opportunity of a generations yet many thumbed their nose.
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Almost all my experience is limited to decades in the SF Bay Area.
We caught the 2012 wave too. People were still talking about housing crashes in 2012, and how we were going to go underwater, yada yada yada, but it didn't stop us from investing at that time. We are sooooo glad we did.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Quote:
Originally Posted by C2BP
Rule number one: when you buy a house you want to capture low price not the low interest rate. When you bought your house back in the 80s with rates @ 17% the purchase price was low, probably 60K-70K. Today with low and suppressed interest rates that same house has been overinflated to 500K and over maybe. People who are buying a house today and paying those overinflated prices are committing financial suicide. You buy a house when interests rates are high, like 17% or even higher because those higher interest rates are a guarantee that homes are not overpriced. Then you refinance gradually when interest rates go lower lowering you monthly payment as well. When you pay overinflated purchasing price and interest rates are already artificially low you are stuck with that payment, you can't refinance and lower your payment very much. When interest rates rise value of your house declines and you are underwater and may never recover. You can only thank our Fed criminals who fooled you and lured you into an overpriced mortgage, who lured you to take huge amount of debt with artificaly low interest rates.
You see, the Fed's attempt to re-inflate a debt-bubble to preserve values of long-overpriced assets and re-stimulate a cotinued inflation of asset prices, benefits only the rich and devastates the poor and those living on fixed incomes. No wonder our cities are full of homeless people. Even worse, it makes America's solvency worse, sending Americans and the American government deeper and deeper into debt. Our Fed Chiefs are treating a drowning man by trying to force him to drink more water.
If Fed's first loyalty is to America's ruling class, and to the global ruling class of international banking, then I declare them to be America's Public Enemy Number One. It is time for Americans to face reality. We must turn away from the slavery of indebtedness as a way of life. We must save money, pay down our debts, suffer through the deflation of an overpriced asset bubble of our own (and our banks') making. We can take the hard road just like my or your parents and grandparents did. We can respond positively to the truth - to the recognition that we have made mistakes and need to correct them.
Americans are not spoiled children, as we are often misrepresented. Our government does not respect us enough to tell us the truth, and to ask us to be strong and face this new reality - as we no longer have much respect for our own government for this same reason.
The banks are now the enemies of Americans. And the Fed is public enemy number one!!!
I'll bet you don't own a house hence all this anger. Your rule is incomplete. Sure you want to buy at a low point if you can, but I and many others lost when people like you urged us to stay on the sidelines. I held back because everyone said don't buy at $300k, wait , it will drop. They repeated the same thing every year. I finally bought at $600k. Hmm, glad I listened to them.
You also don't know when rates will rise or fall. You might not be able to qualify to refinance. In my case the mortgage went up with the lower cost rate and higher value home. There's no guarantee I will have a job that allows me to get refinanced.
You can sit on the sidelines and wait and maybe come out ahead, or maybe never get a house ever while you wait.
The market is starting to show some signs of slowing down there, but try explaining that to the real estate bulls on the LV forum... I like the desert climate and LV works well for my lifestyle (plus no state income tax is a huge bonus) but instead I own rental property in more stable makets in the northeast.
The low salaries in LV don’t justify the prices. It’s unfortunate that deep pocketed foreigners and financial firms are inflating prices and reducing affordability for regular working people, but there are too many vested interests that have too much influence over the political system for that to change. I thought I read somewhere that foreigners are only 8% of the LV market though.
As i have said earlier, Las Vegas homes are overinflated by 120%, maybe even more. You should never pay more than $80.00 per square foot in that desert city. Remember, #1 scam in Las Vegas are those poorly build cookie cutter desert homes.
the prices are what markets determine they should be and just like prices here in ny they may be at these levels proportionately for a long long time .
by the rule of thumb that buyers should expect to spend two and a half times their annual salary on a home purchase, the properties in Manhattan that could be said to be middle class would run between $200,000 and $588,000.
On the low end, the pickings are slim. The least expensive properties are mostly uptown, in neighborhoods like Yorkville, Washington Heights and Inwood. The most pleasing options in this range, however, are one-bedroom apartments not designed for children or families. so you can't really define "over valued "
Last edited by mathjak107; 08-20-2018 at 12:34 PM..
I'll bet you don't own a house hence all this anger. Your rule is incomplete. Sure you want to buy at a low point if you can, but I and many others lost when people like you urged us to stay on the sidelines. I held back because everyone said don't buy at $300k, wait , it will drop. They repeated the same thing every year. I finally bought at $600k. Hmm, glad I listened to them.
You also don't know when rates will rise or fall. You might not be able to qualify to refinance. In my case the mortgage went up with the lower cost rate and higher value home. There's no guarantee I will have a job that allows me to get refinanced.
You can sit on the sidelines and wait and maybe come out ahead, or maybe never get a house ever while you wait.
As long as I remember my family house was owned free and clear. I own it free and clear now and my son will own it free and clear after me. I can care less how much my house is worth because I don't have any desire to sell it....NEVER.
Deflation in housing is needed for the entire world, US included. It will move like the sun moves, from Asia to Europe, to North America.
We ALL have to pay for using QE, ZIRP AND NIRP to lie to ourselves. The current crisis is being caused by Bernanke - indirectly. Instead of raising rates when the Business Cycle ended, he (Greenspan first, 2001) ignored the truth and repressed interest rates to gain some time). Now that the FED is reducing his GIGANTIC balance sheet, everyone is going to pay.
Those people like you who thought our Fed Knuckleheads saved the world must understand that they only DELAYED deflation, so that someone else would have to take the credit for it. It's all politics. Deflation will save us from this insane infaltionary cycle. We need to become strong again and the strong dollar makes that possible. We NEED austerity, in fact. But our leaders are not leaders, they are followers of the trends, of the public's desires. We need a strong leader who makes us take our medicine, which is DEFLATION and a STRONG DOLLAR. The return of SAVING as a culture.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Quote:
Originally Posted by C2BP
As long as I remember my family house was owned free and clear. I own it free and clear now and my son will own it free and clear after me. I can care less how much my house is worth because I don't have any desire to sell it....NEVER.
Deflation in housing is needed for the entire world, US included. It will move like the sun moves, from Asia to Europe, to North America.
We ALL have to pay for using QE, ZIRP AND NIRP to lie to ourselves. The current crisis is being caused by Bernanke - indirectly. Instead of raising rates when the Business Cycle ended, he (Greenspan first, 2001) ignored the truth and repressed interest rates to gain some time). Now that the FED is reducing his GIGANTIC balance sheet, everyone is going to pay.
Those people like you who thought our Fed Knuckleheads saved the world must understand that they only DELAYED deflation, so that someone else would have to take the credit for it. It's all politics. Deflation will save us from this insane infaltionary cycle. We need to become strong again and the strong dollar makes that possible. We NEED austerity, in fact. But our leaders are not leaders, they are followers of the trends, of the public's desires. We need a strong leader who makes us take our medicine, which is DEFLATION and a STRONG DOLLAR. The return of SAVING as a culture.
So it sounds like you inherited your family house from your parents but you don't know for sure if your parents ever had a loan on it? If so you've never been in the situation of of having to buy a house or finance it out of your own pocket.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Quote:
Originally Posted by C2BP
As i have said earlier, Las Vegas homes are overinflated by 120%, maybe even more. You should never pay more than $80.00 per square foot in that desert city. Remember, #1 scam in Las Vegas are those poorly build cookie cutter desert homes.
So it sounds like you inherited your family house from your parents but you don't know for sure if your parents ever had a loan on it? If so you've never been in the situation of of having to buy a house or finance it out of your own pocket.
if i remember he was born in to money and never needed to accumulate much on his own . i seem to remember him saying he was born in to money . no wonder he would like to see nothing more than everything crumble .
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,572,211 times
Reputation: 16698
Quote:
Originally Posted by mathjak107
if i remember he was born in to money and never needed to accumulate much on his own . i seem to remember him saying he was born in to money . no wonder he would like to see nothing more than everything crumble .
Well if that's true I can see why he has a skewed POV. If you are given a house you will never experience the anxiety of buy or rent, right time to buy, etc.
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