[VegasVicsezhowdy]

From what I can discern many investors are busy dumping their Las Vegas properties right now, having already achieved the appreciation they were prepared to wait 5+ years for.

I suppose the plan is to jump back in once prices drop, (when the foreclosure backlog funnel begins to fill) most likely in the next 12-18 months.

The banks cannot "hold" these properties indefinitely, Federal Law limits them to 5+5 years.


Las Vegas: a case study in successful housing market manipulation

LINK: Las Vegas: a case study in successful housing market manipulation » OC Housing News

" the worse the mortgage distress... the more supply has been withheld from the market"

[ddrhazy]

Either the banks want to foreclose on delinquent mortgages and state laws like AB-284, AB-300 and SB-321 act against their interest OR they are secretly conspiring with Nevada lawmakers to push the above laws so that they create the shadow inventory.

There's one thing you and other skeptics continue to fail to provide. The proof that the banks are pushing those laws behind the curtain.

Otherwise, the banks are just working within the law. Whether it benefits them or not is irrelevant because they did not engineer those laws. They are only at the mercy of those laws, just like everyone else.

[VegasVicsezhowdy]

Originally Posted by ddrhazy

Either the banks want to foreclose on delinquent mortgages and state laws like AB-284, AB-300 and SB-321 act against their interest OR they are secretly conspiring with Nevada lawmakers to push the above laws so that they create the shadow inventory.

There's one thing you and other skeptics continue to fail to provide. The proof that the banks are pushing those laws behind the curtain.

Otherwise, the banks are just working within the law. Whether it benefits them or not is irrelevant because they did not engineer those laws. They are only at the mercy of those laws, just like everyone else.

Conflicts of interest and corruption? That's the world we live in...

The House is letting banks write their own laws now - Video on NBCNews.com

NOT a skeptic, just a REALIST.

[VegasVicsezhowdy]

Short sales are beginning to plummet in earnest...

Las Vegas Sees Price Jump in Foreclosure-Related Sales - 8 News NOW

"Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders."

[lvoc]

Originally Posted by VegasVicsezhowdy

From what I can discern many investors are busy dumping their Las Vegas properties right now, having already achieved the appreciation they were prepared to wait 5+ years for.

I suppose the plan is to jump back in once prices drop, (when the foreclosure backlog funnel begins to fill) most likely in the next 12-18 months.

The banks cannot "hold" these properties indefinitely, Federal Law limits them to 5+5 years.


Las Vegas: a case study in successful housing market manipulation

LINK: Las Vegas: a case study in successful housing market manipulation » OC Housing News

" the worse the mortgage distress... the more supply has been withheld from the market"

All malarkey. The banks don't hold the properties they mostly service. The properties are all tied up in securities which are not often held by the banks.

We all need to remember that the one clear and self evident market manipulation was when the banks pushed prices down past all reason. And no question as to who did it. So after deliberately and openly pushing houses to an extreme low price point we now claim they are limiting inventory to drive them back up. That is so silly it is hard to write it. There is nothing in the distressed home numbers to indicate any build up large enough to suppress prices. Hell two thirds of courthouse step sales are going to other than the lender.

So as the market becomes less and less manipulated we continue to claim it is getting worse.

The doomers have an outcome tattooed on their brains...and continue to make absolutely weird projection to make it come true. It is not going to happen

[LuisSuarez]

House prices are still below build cost so the only way is for price rises to continue.

[ddrhazy]

I didn't ask you for proof of banks having influence in writing other laws such as regulation of predatory loans. I asked a specific question regarding banks influencing laws regulating the foreclosure process. Show us that banks wrote laws such as AB-284.

If you wanted to be scientific about the shadow inventory, you could look do a random sampling of 250 houses and see who owns it, a bank or an individual. You could take the study further and see if those 250 houses have potential delinquencies. You'd look up each parcel in the recorder/assessor's database and see what the original purchase price was and how underwater the house is by comparing the mortgage lien vs. it's current appraised value. You could go even further and see if there are others liens placed due to unpaid taxes, utilities and HOA dues.

If a house has liens from many different parties, then you could characterize that house as on the cusp of going into foreclosure. That would be a study that would be enlightening and hard to disprove.

[VegasVicsezhowdy]

Originally Posted by ddrhazy

I didn't ask you for proof of banks having influence in writing other laws such as regulation of predatory loans. I asked a specific question regarding banks influencing laws regulating the foreclosure process. Show us that banks wrote laws such as AB-284.

Where did I say that they did?

[ddrhazy]

So you agree with my previous statement that AB-284 and similar laws are not laws designed by banks? Just say so, don't reply to the post with lackluster arguments in response.

[VegasVicsezhowdy]

Originally Posted by lvoc

All malarkey. The banks don't hold the properties they mostly service. The properties are all tied up in securities which are not often held by the banks.

Missing here is any understanding of who controls the timing of a foreclosure. Banks do the foreclosing, after all, and it’s really up to them whether or not to put inventory on the market or to foreclose at all. And in both cases, they haven’t moved forward for very specific reasons.

The game plan has always been to run the clock. Hence all the “kick the can down the road” loan modifications, of which a large percentage are ultimately doomed to fail.

Banks are holding back inventory and goosing prices, to state otherwise is to not be intellectually honest.