[aardogfsu]

Originally Posted by ddrhazy

It makes sense as there is a risk with shore sales. Waiting 6-12 months to find out the bank finally counters your initial purchase offer for 10% more makes REO more desirable.

try 20% more =(

[Koozie]

I bought my home in the 89178 area at the end of 2009 for 138k and houses in my neighborhood are selling in the 180's easily. I never bought the home as an investment, but the current prices are very tempting. It's a shame for the people that saved a 20% down payment, have good debt to income ratios and good credit, but have to compete with cash investors but what can you do... I'm just glad I got in at the right time and can manage my mortgage payment through another market crash if it happens. Only time will tell.

[von949]

Originally Posted by Koozie

manage my mortgage payment through another market crash if it happens. Only time will tell.

And this is what everyone with a mortgage should try to achieve. An affordable mortgage. If another crash happens, so what. If I lost my job tomorrow my wife could easily afford the mortgage on her own and so could I if she lost hers. Our mortgage is really that cheap.




(╯°□°）╯ ︵ ┻━┻

[Tall Traveler]

Originally Posted by Kevin_nlv

Rents are trending lower, incomes are stagnant or decreasing, costs of rental maintenance, repairs, and evictions increase as the dollar devalues. It was close to 117 in Las Vegas today. Average electric bill during the summer: $500 a month. Very practical place to own a house. Throw in a very large floating population and generally very poor schools and you have a real winner.

But we are talking about vegas so if gamblers/investors are stupid enough to let it ride in those properties they have recently acquired then they deserve the blood bath that awaits them. A fool and his money are soon parted.

Not picking on you specifically because you see the doom and gloom crowd on virtually every board. My question, if it's so bad where you are (Vegas in this case), then why don't you just move to a place that doesn't have all of these terrible qualities?

I am thinking about buying a house or condo in Lake Las Vegas. The prices still seem very low to me...you couldn't build those for anything close to the current sale price. I guess I do have some question about Vegas economy long-term. As in, I'm not sure to what extent the tourist/gaming industry will ever reach what it was. So my question, is there enough of an economy or is Vegas adaptive enough to grow another economy if gaming never get back to where it once was? I personally have no reliance on the economy of Vegas but of course, it will affect the house prices in the future if I buy.

Anyone want to speculate on the Vegas economy in the next 5 years?

[kcoliver]

This guy is so negative!

[aardogfsu]

Originally Posted by Koozie

I bought my home in the 89178 area at the end of 2009 for 138k and houses in my neighborhood are selling in the 180's easily. I never bought the home as an investment, but the current prices are very tempting. It's a shame for the people that saved a 20% down payment, have good debt to income ratios and good credit, but have to compete with cash investors but what can you do... I'm just glad I got in at the right time and can manage my mortgage payment through another market crash if it happens. Only time will tell.

Why is it a shame to have to compete with cash investors? Those people worked their tail off, ALWAYS lived within their means and SAVED their money...most likely continue to pay crazy taxes and never asked for a penny from the government.

What's a shame is this type of behavior hasn't rubbed off on enough people.

[Datafeed]

Originally Posted by lvoc

And the overall system is not capable of handling more than 1500 or so distressed houses in a month. So max yield if the lenders were to go berserk would not get to more than 18,000 or so a year. The REs are also rapidly approaching non-distressed in price. So if they do go at it in a big way the most it is likely to do is ease the inventory crunch some. Which would be nice.

You keep harping on this point. It's not true. The bandwidth can be increased.

[CiDatak]

Originally Posted by aardogfsu

Why is it a shame to have to compete with cash investors? Those people worked their tail off, ALWAYS lived within their means and SAVED their money...most likely continue to pay crazy taxes and never asked for a penny from the government.

What's a shame is this type of behavior hasn't rubbed off on enough people.

+1 aardogfs

I worked my tail off, saved money by living way below my means, educated myself, took action by investing. So yes, I'm one of those cash investors buying stuff up back in 2011-2012 and prior, while my friends were buying nice cars, boats, vacations, and other things that I "choose" to delay.

That behavior should rub off, but it hasn't, so more money for investors like me.

[lvoc]

Originally Posted by Datafeed

You keep harping on this point. It's not true. The bandwidth can be increased.

Over a span of time. Probably require some increases to governmental budgets...So yes over a couple of years it could be increased.

May be some resistance on the part of governmental agencies as it is not a permanent change.

There will be lots of warning as the system gears up.

[lvoc]

Originally Posted by aardogfsu

Why is it a shame to have to compete with cash investors? Those people worked their tail off, ALWAYS lived within their means and SAVED their money...most likely continue to pay crazy taxes and never asked for a penny from the government.

What's a shame is this type of behavior hasn't rubbed off on enough people.

The unfairness is that the first time buyer cannot compete. Can't get an appraisal for financing that is competitive with the investors. Over 50% of SFRs for sale will not take FHA or VA financing. Normally that would be under 10%. For Condos it is less than 25%.