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Old 09-26-2012, 12:04 AM
 
Location: Sunrise
10,864 posts, read 16,986,499 times
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Quote:
Originally Posted by gulfer View Post
Isn't there a $500,000 net gain on a sale for those homes that would be dinged with that tax? Could that be the Capital Gains 'magic number' as well? Thought I read that somewhere a while back.
It won't be capital gains until people start selling their houses for more than they paid . For people who bought from 2004-2008, that could be a VERY long time.
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Old 09-26-2012, 12:04 AM
 
2,724 posts, read 4,762,354 times
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Supply is down over 60% from last year.
Who's buying this smoke n' mirrors?
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Old 09-26-2012, 12:08 AM
 
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Quote:
Originally Posted by ScoopLV View Post
It won't be capital gains until people start selling their houses for more than they paid . For people who bought from 2004-2008, that could be a VERY long time.
Capital gains? Owner lived FREE for five years, bank waived all payments and reduced the principal by $232,000, owner now HAS EQUITY. They are handing out the settlement money to the dead beats.
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Old 09-26-2012, 12:09 AM
 
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There's roughly 4,000 homes available right now, that number should be more like 12,000. This is not a recovery. Put down the Kool Aid.
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Old 09-26-2012, 12:23 AM
 
11,175 posts, read 16,008,375 times
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Quote:
Originally Posted by gulfer View Post
Isn't there a $500,000 net gain on a sale for those homes that would be dinged with that tax? Could that be the Capital Gains 'magic number' as well? Thought I read that somewhere a while back.
The 3.8% tax only applies to gains over $500,000 (for a married couple). And even if the profit is over $500k, the tax still wouldn't apply unless their income is over $250k.
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Old 09-26-2012, 12:35 AM
 
Location: Toledo, OH
1,725 posts, read 3,462,030 times
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Good Stuff and Thanks!
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Old 09-26-2012, 02:24 AM
 
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"Knowledge is knowing a tomato is a fruit. Wisdom is not putting it in a fruit salad."
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Old 09-26-2012, 04:37 AM
 
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Las Vegas = (-1.0 percent)

"Las Vegas was one of four cities where prices decreased from a year ago"

"The year-over-year gauge provides better indications of trends in prices, the group has said. The panel includes Karl Case and Robert Shiller, the economists who created the index."

How does short-term gains but a year-over-year loss equate to "Vegas improving"?
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Old 09-26-2012, 05:12 AM
 
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It's appallling how self-serving, short-sighted and out-of-context these published reports have become.

Perhaps the protagonists are simply hoping to keep the precarious house of cards intact for another year or two in order to give them ample time to move most of their assets offshore(...?)

In any event, they're certainly not doing the public at large any favors.

Uncertainty everywhere you look yet "Vegas housing is improving"... please feed me more because a steady diet of fairytale reality is about all that is going to save us at this point. Hang on to that delusion, have another rum and coke and silence the voices of reason who attempt to challenge the system of lies. Label them "Le Miserables" and the root of the problem, surely that will fix things.

While were at it, let's grant even MORE tax breaks for the energy companies...

I cannot wait to see what's coming next...

Smart as horse and hung like Einstein.
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Old 09-26-2012, 10:45 AM
 
12,973 posts, read 15,793,565 times
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Quote:
Originally Posted by eventusstultorummagister View Post
Las Vegas = (-1.0 percent)

"Las Vegas was one of four cities where prices decreased from a year ago"

"The year-over-year gauge provides better indications of trends in prices, the group has said. The panel includes Karl Case and Robert Shiller, the economists who created the index."

How does short-term gains but a year-over-year loss equate to "Vegas improving"?
CS is simply wrong. I expect it is something intrinsic in the protocol. By any rational scale Las Vegas single family housing is up year over year and was up in June and July.

The problem likely deals with the treatment of shorts and foreclosures. How do you find "arms length transactions between a able and willing seller and and able and willing buyer" when 80% of transactions have a bank on the selling side?

I agree that this is being driven by a limited inventory. But I see no particular reason the limited inventory is going away. I wish it would - but I don't get a vote either. And we really don't need the high rate of appreciation we are seeing.
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