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Old 02-08-2011, 08:22 PM
 
Location: Somewhere.
10,481 posts, read 25,239,269 times
Reputation: 9120

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Walking away is not good for one's credit.
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Old 02-08-2011, 08:54 PM
 
32 posts, read 55,144 times
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Quote:
Originally Posted by angelar75 View Post
Thats simply is not true, at least not in Las Vegas. I am in the market to buy a home and I research homes in my area daily. Values in Vegas are still going down even in the nicest parts of town like Summerlin.

I agree. I live in Centennial Hills and like you; follow the market. Prices are going down. I see more and more houses sitting empty. I am curious on what is the actual amount of the so-called shadow inventory.

I think the article is wrong. It's more like 99% of homeowners in Nevada are underwater.
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Old 02-08-2011, 08:58 PM
 
32 posts, read 55,144 times
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Quote:
Originally Posted by olecapt View Post
Banks own very little. They service these loans...don't own them.

There is talk that BofA is about to repurchase a whole mess of mortgage pools but it still appears to be talk.

So no they are not holding any huge amount of property.

The more interesting question is whether they are foreclosing as fast as they could or are being delayed by the process or their own interests. Note that a bank gets dinged heavily for non-performikng assets.
You are wrong. My parents went bankrupt on their home 3 years ago. To this day, the house sits empty (parents relocated out of Vegas) and the house is still in their names. What do you have to say about this. It clearly shows that banks are willing to let the homes sit vacant until the economy rebounds.
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Old 02-08-2011, 09:24 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,127,294 times
Reputation: 2661
Quote:
Originally Posted by Superman12 View Post
You are wrong. My parents went bankrupt on their home 3 years ago. To this day, the house sits empty (parents relocated out of Vegas) and the house is still in their names. What do you have to say about this. It clearly shows that banks are willing to let the homes sit vacant until the economy rebounds.
That happens. I have a short sale that has now been underway for two years. Sometimes a house falls through the system. I also however know if a hundred or so that were abandoned and have since been picked up by the bank and sold. Often within weeks of the abandonment.

There are a few dozen tracts where my wife and I know almost every house.
They do get abandoned and every once in a while one sits. But it is rare.

And while it sits the bank has a non performing asset that damages its performance.

Or every once in a while a house falls through a crack and no one is managing it. Note that mortgage securities don't manage anything they just own. So it can happen. But it is I think rare.
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Old 02-08-2011, 11:52 PM
 
2,724 posts, read 4,756,824 times
Reputation: 1042
Quote:
Originally Posted by olecapt View Post
And while it sits the bank has a non performing asset that damages its performance.
The banks are more concerned with the Dodd-Frank Act than they are with asset quality or balance sheets.

"To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes"
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Old 02-09-2011, 01:51 AM
 
16 posts, read 28,324 times
Reputation: 25
Luckily I'm not underwater. However this property drop is awful. I paid $75,000 for a unit in my complex in 1997. Which up until recently I thought was a good deal. A few months ago the next door unit sold for $70,000. $5,000 loss not a big deal. But now I see 4 for sale im my complex. One priced at $50,000 and it's bigger that mine and has a garage. Two more priced in the $60,000. One priced at 79,000 that's almost 1500 square feet. That one was sold for at least $105,000 when built new. Well what you going to do.
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Old 02-09-2011, 08:16 AM
 
32 posts, read 55,144 times
Reputation: 34
Quote:
Originally Posted by olecapt View Post
That happens. I have a short sale that has now been underway for two years. Sometimes a house falls through the system. I also however know if a hundred or so that were abandoned and have since been picked up by the bank and sold. Often within weeks of the abandonment.

There are a few dozen tracts where my wife and I know almost every house.
They do get abandoned and every once in a while one sits. But it is rare.

And while it sits the bank has a non performing asset that damages its performance.

Or every once in a while a house falls through a crack and no one is managing it. Note that mortgage securities don't manage anything they just own. So it can happen. But it is I think rare.
First of all, Olecapt, you are well respected here. I follow your blogs. On this particular blog, I think you are wrong on this one my friend. As you know, I mentioned about my parents' home on this blog. I never mentioned my friends. I have 2 friends that mentioned to me that they haven't paid their mortgage for 3 years. They still live in their homes!!! They have received notices from their banks but no action has been taken to this date. It is clear that banks are controlling the market inventory.
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Old 02-09-2011, 08:43 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,127,294 times
Reputation: 2661
Quote:
Originally Posted by Superman12 View Post
First of all, Olecapt, you are well respected here. I follow your blogs. On this particular blog, I think you are wrong on this one my friend. As you know, I mentioned about my parents' home on this blog. I never mentioned my friends. I have 2 friends that mentioned to me that they haven't paid their mortgage for 3 years. They still live in their homes!!! They have received notices from their banks but no action has been taken to this date. It is clear that banks are controlling the market inventory.
And as i have said before the process is throttled. They can only handle so many per month and appear to be consistently doing that.

I would think that the mediation effort is one bottle neck and a propensity to recover the abandoned properties first. I have watched the process work on 40 or 50 short sales so far. They most certainly do foreclose and often in 6 months if a short sale is not underway.

I also know of one property that appeared to have fallen through a crack. It was listed as a short sale but the bank moved in and changed the locks even though it had a for sale sign...something that is not allowed. They then refused to deal with it. The property then sat for a long time apparently in some limbo. I don't know if they every sold it. So strange things happen but they are not the rule.
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Old 02-09-2011, 10:23 AM
 
2,469 posts, read 3,250,804 times
Reputation: 2913
Quote:
Originally Posted by 89118 maybe View Post
Luckily I'm not underwater. However this property drop is awful. I paid $75,000 for a unit in my complex in 1997. Which up until recently I thought was a good deal. A few months ago the next door unit sold for $70,000. $5,000 loss not a big deal. But now I see 4 for sale im my complex. One priced at $50,000 and it's bigger that mine and has a garage. Two more priced in the $60,000. One priced at 79,000 that's almost 1500 square feet. That one was sold for at least $105,000 when built new. Well what you going to do.
We arent either thank goodness, knock on wood. We did have our house for sale last year but it's not worth selling it, we aren't giving it away. In our neighborhood list/sale prices are all over the place.
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Old 02-09-2011, 10:56 AM
 
Location: Sitting on a park bench...
2,753 posts, read 6,652,577 times
Reputation: 741
Quote:
Originally Posted by RCCCB View Post
Chart: Owing more than home is worth - USATODAY.com

Not good, guess this will begin the "BOTTOM" debte once more.
A sphincter says what?
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