[strato58]

Olecapt, FYI im looking at detached single family housing. Looking for good neighborhoods....
Not investment property but owner occupied.

[olecapt]

Originally Posted by strato58

Olecapt, unfortunately im not seeing $75 to $78 psf.....but maybe you have an inventory list you should send me....I hear your a pretty good realtor.
Are list prices much higher than what they are closing for?....What percentage below list are these generally closing for?

There are currently just over 3000 listings with a list price below 80 psf. Even on the west side...that is west of Decatur...there are 850. I would expect most of these to close at or just over list.

[Swigchow]

Originally Posted by olecapt

You will not get a house anytime soon. There is vastly more demand than there is supply.

I would think you could easily double the supply of REOs and not change much...and that does not appear to be about to happen.

Are prices reflecting this demand over supply situation?

[tony soprano]

Originally Posted by Swigchow

Are prices reflecting this demand over supply situation?

Of course not. The housing market somehow defies the economic laws of supply & demand. It must be the inverted demand curve.

[olecapt]

Originally Posted by tony soprano

Of course not. The housing market somehow defies the economic laws of supply & demand. It must be the inverted demand curve.

As of now April is up the order of 8%. And pretty much all categories...REOs, shorts and classics.

Tony is actually correct though he does not actually understand how any of this works.

[tony soprano]

Originally Posted by olecapt on 11/13/2008

They are foreclosing on less houses then they sell. Therefore inventory is going down and price dropping has decreased or stopped. Note that a perception that we are at or near the bottom is likely a self fulfilling prophecy.

November 2008 SFR median = $186K

Originally Posted by rpachigo on 4/4/2009

There will be plenty of inventory for a few years in terms of repos. Already, the properties I bought at 2/3 off, I checked a few of the neighbors, and it seems a few are in default - either they were headed that way or they saw the price that I paid and decided to walk. I'm not sure but either way add this to the growing inventory of REOs. Also, not enough investors to soak up the property with high FICO, 25% down, stable income in this economy. Some cash buyers but not enough. More pain and misery ahead.

April 2009 SFR median = $141.7K

Originally Posted by olecapt on 3/24/2010

REO inventory is a fact. I can and do count it. It is well less than 20% of what it was a year ago. It represents under one month of REO sales.

March 2010 SFR median = $136K

You've been spouting the same "demand is outstripping supply" nonsense since at least 2008. In the 16 months documented above, prices fell ~27% while demand was purportedly greater than supply. Congratulations on identifying the one market that somehow defies the law of supply & demand.

It must be the inverted demand curve!!

[mresort]

Originally Posted by olecapt

As of now April is up the order of 8%. And pretty much all categories...REOs, shorts and classics.

Tony is actually correct though he does not actually understand how any of this works.

you mean the volume is up 8% or the sales price is up 8%?
If it is the latter one, well, it is pretty amazing.

And it is year over year or month or month?

[tony soprano]

Originally Posted by mresort

you mean the volume is up 8% or the sales price is up 8%?
If it is the latter one, well, it is pretty amazing.

And it is year over year or month or month?

Before we get ahead ourselves, we should remember that this is the same person that said we were going to see a month-over-month increase in May of 2009. Here we are a year later and we still haven't seen an increase over that April of 2009. He effectively called the top of 2009. Booya!

[mresort]

Originally Posted by tony soprano

Before we get ahead ourselves, we should remember that this is the same person that said we were going to see a month-over-month increase in May of 2009. Here we are a year later and we still haven't seen an increase over that April of 2009. He effectively called the top of 2009. Booya!

Of course the LV real estate market hasn't turned around yet. We still have a long way to go.

The only thing which has turned the corner is Las Vegas Sand. Well, at least its name contains "Las Vegas". Should we feel happy? The company itself hasn't turned around yet, but its stock price did. Exatcly one year ago it closed at $6.32. Today's price is $26.20, which makes a 300% year-over-year increase.

[Natali :)]

"Henderson Summary

The median sales price for homes in Henderson NV for Jan 10 to Mar 10 was $166,000. This represents a decline of 5.1%, or $9,000, compared to the prior quarter and a decrease of 18.6% compared to the prior year. Sales prices have depreciated 46.9% over the last 5 years in Henderson.
The average listing price for Henderson homes for sale on Trulia was $452,604 for the week ending Apr 21, which represents a decline of 1.2%, or $5,665, compared to the prior week and a decline of 1%, or $4,736, compared to the week ending Mar 31. Average price per square foot for Henderson NV was $107, a decrease of 39.5% compared to the same period last year. Popular neighborhoods in Henderson include Lake Las Vegas, Green Valley North, Anthem, Green Valley South, Seven Hills, and MacDonald Highlands."


Henderson average and median listing prices - Trulia.com