[RCCCB]

Chart: Owing more than home is worth - USATODAY.com

Not good, guess this will begin the "BOTTOM" debte once more.

[tony soprano]

Originally Posted by RCCCB

Chart: Owing more than home is worth - USATODAY.com

Not good, guess this will begin the "BOTTOM" debte once more.

No, certainly not good, but there's an important distinction to be made between "all homeowners" and "all homeowners with a mortgage".

[yellowsnow]

Originally Posted by tony soprano

No, certainly not good, but there's an important distinction to be made between "all homeowners" and "all homeowners with a mortgage".

Very true but even if you don't have a mortgage, it hurts to have one of your biggest assets go down in value consistently. It makes you feel poorer.

But this will change. Sooner or later.

[Croce]

Originally Posted by yellowsnow

Very true but even if you don't have a mortgage, it hurts to have one of your biggest assets go down in value consistently. It makes you feel poorer.

But this will change. Sooner or later.

It's already changing. The best locations and deals have been gone for awhile. Prices for desirable properties have been increasing. Don't let all the negativism depress you. - Croce

[angelar75]

Originally Posted by Croce

It's already changing. The best locations and deals have been gone for awhile. Prices for desirable properties have been increasing. Don't let all the negativism depress you. - Croce

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.

[olecapt]

Originally Posted by angelar75

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.

It goes both ways. There are models and tracts that are still decreasing,,,there are some quite stable and some increasing.

There is a pronounced and obvious drop in the price of REOs which is clearly drivng the price of the smaller and cheaper homes down..and pretty sharply.

Shorts appear stable. Some weakness in classics in the last quarter of last year.

Overall a small decline concentrated in the lower end properties.

[RCCCB]

Originally Posted by angelar75

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.

Banks are sitting on boat loads of inventory they won't release because they are waiting for values to rise and if they sell they have to take their losses for real on the books.
Something will give at some point IMO.

[olecapt]

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.

[jhiker1o]

Originally Posted by tony soprano

No, certainly not good, but there's an important distinction to be made between "all homeowners" and "all homeowners with a mortgage".

An even better distinction between the two is that one already lost while the other is about to lose!

[eventusstultorummagister]

Everybody should just walk... screw the greedy banks!