[Fastrudy]

We have all been fooled before, but, for what its worth:

Purchases of new homes in the U.S. climbed 11 percent in June, the biggest gain in eight years, underscoring evidence that the deepest housing slump since the Great Depression is starting to stabilize.
Sales increased to a 384,000 annual pace, higher than any forecast of economists surveyed by Bloomberg News and the most since November, figures from the Commerce Department showed today in Washington. The number of houses on the market dropped to the lowest level in more than a decade.

[SHEPNYC]

Originally Posted by Fastrudy

We have all been fooled before, but, for what its worth:

Purchases of new homes in the U.S. climbed 11 percent in June, the biggest gain in eight years, underscoring evidence that the deepest housing slump since the Great Depression is starting to stabilize.
Sales increased to a 384,000 annual pace, higher than any forecast of economists surveyed by Bloomberg News and the most since November, figures from the Commerce Department showed today in Washington. The number of houses on the market dropped to the lowest level in more than a decade.

Report: Home prices tumble in Vegas despite national rebound - Las Vegas Sun

[Fastrudy]

ShepNYC:
The Bloomberg study is for June, Las Vegas Sun is for May.
Bloomberg concerns itself with number of sales, the Sun concerns itself with the price of each house. FWIW, Bloomberg also said the house price was decreasing as the number being sold was increasing. I did not see Bloomberg data per state.

[RCCCB]

Originally Posted by Fastrudy

ShepNYC:
The Bloomberg study is for June, Las Vegas Sun is for May.
Bloomberg concerns itself with number of sales, the Sun concerns itself with the price of each house. FWIW, Bloomberg also said the house price was decreasing as the number being sold was increasing. I did not see Bloomberg data per state.

Confuses me, I just want to buy a home if the craziness subsides.

[SHEPNYC]

"The Las Vegas area had the highest rate of foreclosure filings, with 7.5 percent of households receiving a default or auction notice or being seized by a lender. That rate was six times the national average."

Las Vegas, Fort Myers, Florida Lead U.S. Cities in Foreclosures - Bloomberg.com

12 Month prices down 32% through May:

Home Prices Rise Across U.S. - WSJ.com

[007 license to sell]

Allot of the sales in June were properties that had been held up in escrow for months for instance I had four closing in June and one had been in escrow 6 months one for 4 months one 3.5 months and one for 2.5 months. So the numbers are not all properties that sales were really initiated in that month.

A housing seminar that I attended recently in Vegas reported: Las Vegas is on pace for 40,000 existing-home sales and 5,000 new-home sales in 2009, but a second wave of foreclosures will continue to put downward pressure on pricing through the end of the year.


Foreclosure inventory has declined for four consecutive months as bank-owned dispositions outnumber acquisitions. However, acquisitions rose in each month of the second quarter, from 1,300 in April to 2,486 in June.

Prices have dropped 16% the first qrtr and 16% in the second so this could be a false bottom.

This still doesn't mean it's not a to buy it's a great time to buy prices are at all time low and interest rates are low. However if you think you would be able to sell and make a profit from now until at least 5 years maybe longer than don't buy.

Homes should be looked at as a place to live for a long time. The day of using homes as piggy banks is over. And granted you don't want to lose money like what is going on now and if you purchase now your home COULD still go down in value.

And I am sure you have heard there is a inventory of foreclosed homes that haven't hit the market that can raise cause problems for sellers in pricing.

[SIZE=2]Here is at least a partial answer to the question “Where are all those foreclosed homes and why haven’t they shown up as inventory?” [/SIZE]
[SIZE=2]Forbes.com - Magazine Article[/SIZE]

[RCCCB]

Greenspan just said we are going to have ANOTHER RE slump.

[olecapt]

Hit a discussion group by a couple of the REO brokers on the REO market. Lot of discussion about how and why but basically the REO guys and the Buyer's Agents ain't ever going to be friends.

One interesting point. The REO guys believe there is another big wave coming but they don't know when. One in fact suggested his intake was way up in July...though the numbers don't appear to substantiate that.


Second is that the REO guys think we are at the bottom on price but that it continues to fall driven almost entirely by the appraisers. They thought the low end was holding but only because the transactions there are almost all cash. The think the appraisers are doing the comp calculation and then taking three or four percent for the drop that is coming next.

Third point was that the market was stable or stabilizing at the middle residental and down and that the upper end and the commercial were now in the sights to take a real beating. No support at all for commercial...going to hell and for a long time.

[olecapt]

Well after all the bad news last Thursday we though we would take a look at what is going to happen.

So a new updateing Blog entry...the coming Foreclsure Tsunami.

//www.city-data.com/blogs/blog8...e-tsunami.html

Have fun.

[georgste]

the bottom hasn't been reached yet. I will buy in 2011 for nothing in Las Vegas, suckers.