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Old 08-09-2010, 03:52 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,200,574 times
Reputation: 2661

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Quote:
Originally Posted by tony soprano View Post
Uhhh, $7K. The FTHB credit ended April 30th. The SFR median in April was $142K. The SFR median in July was $135K.Should be interesting, something's got to give, etc.
Uhh 5K. The credit reached its quasi end in June not April. People may have gone to contract in April but the big closing push was in June. June median was $140K

Note you like that little quote whenever you have nothing rational to say...

Going to be interesting these next few months.
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Old 08-09-2010, 04:05 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,200,574 times
Reputation: 2661
Quote:
Originally Posted by tony soprano View Post
MadMan, I've never read a specific reason why the Case-Shiller median numbers are more commonly referenced. Nothing beyond the standard reasoning for using median vs. average data (whether it's for housing, income, etc.) - median data isn't skewed significantly by unusually large or small numbers.
CS is average or aggregate change in home value. It is not a median.

Median has no particular use except less volatility. The meat is average.
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Old 08-09-2010, 04:27 PM
 
1,347 posts, read 2,448,277 times
Reputation: 498
Quote:
Originally Posted by olecapt View Post
Uhh 5K. The credit reached its quasi end in June not April. People may have gone to contract in April but the big closing push was in June. June median was $140K

Note you like that little quote whenever you have nothing rational to say...

Going to be interesting these next few months.
The IRS does not recognize "quasi" deadlines. As if your horrifically wrong housing market calls didn't cost enough people money, I can only hope that you haven't been counseling people on the tax credit deadline as well. As a buyer you had to be in contract by the end of April 30th.

From the LV Sun article posted just a few hours ago -
Quote:
Originally Posted by Las Vegas Sun
Analysts warned that the April 30 expiration of the $8,000 credit for first-time buyers and a $6,500 one for other buyers would likely slow sales.
Home sales, prices fall in Las Vegas in July - Monday, Aug. 9, 2010 | 11:04 a.m. - Las Vegas Sun
As well, from the IRS-

Quote:
Originally Posted by The IRS
The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010.
First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify (http://www.irs.gov/newsroom/article/0,,id=215791,00.html - broken link)
The SFR median in April was $142K. The SFR median in July was $135K. Hence, a $7K decline since the tax credit expired.
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Old 08-09-2010, 04:36 PM
 
351 posts, read 837,089 times
Reputation: 197
Olecapt, I'm wondering if you could update a chart that you (I think it was you) posted quite a while back. It listed condo & high rise properties & the percentage of sold units & owner occupied units. Seems to me with all the investor purchases lately the owner occupied numbers would have decreased since that last report? Could you post an updated version, or even the old one which I can't find? Thank you.
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Old 08-09-2010, 04:43 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,200,574 times
Reputation: 2661
Quote:
Originally Posted by tony soprano View Post
The IRS does not recognize "quasi" deadlines. As if your horrifically wrong housing market calls didn't cost enough people money, I can only hope that you haven't been counseling people on the tax credit deadline as well. As a buyer you had to be in contract by the end of April 30th.
Ahhh the old Tony...No facts just inane insults.

The tax credit deadline was June 30 up until June 30. The result of course was that everyone tried to meet the date...and we had a large block of homes change hands in June. Nothing you say will change that reality. At that point the median was 140K.



Quote:
From the LV Sun article posted just a few hours ago - As well, from the IRS-

The SFR median in April was $142K. The SFR median in July was $135K. Hence, a $7K decline since the tax credit expired.
And it did slow sales - in July after increasing them in June...

One possibility may be that the rebate sucked sales out of July and back into the proceeding period...now in August things begin to get back to "normal" - whatever that is in this strange market.
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Old 08-09-2010, 05:27 PM
 
1,347 posts, read 2,448,277 times
Reputation: 498
Quote:
Originally Posted by olecapt View Post
Ahhh the old Tony...No facts just inane insults.
No insults - just extending a warning to anyone thinking of following poor advice with the potential for significant expense.
Quote:
The tax credit deadline was June 30 up until June 30. The result of course was that everyone tried to meet the date...and we had a large block of homes change hands in June. Nothing you say will change that reality. At that point the median was 140K.
You had to be in contract by April 30. I eagerly await to hear from someone that missed the April 30th "quasi" deadline to be in contract and still files for the credit. Anyone perusing this thread can choose to believe the Las Vegas Sun and the IRS' website that says the credit went through April 30th or they can believe you. I'd suggest that's something of a no brainer. I'd think you were confusing the deadline to be in contract with the deadline to close but you seem to have even that date wrong.
Quote:
And it did slow sales - in July after increasing them in June...

One possibility may be that the rebate sucked sales out of July and back into the proceeding period...now in August things begin to get back to "normal" - whatever that is in this strange market.
Should be interesting.
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Old 08-09-2010, 05:54 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,200,574 times
Reputation: 2661
Quote:
Originally Posted by tony soprano View Post
No insults - just extending a warning to anyone thinking of following poor advice with the potential for significant expense.You had to be in contract by April 30. I eagerly await to hear from someone that missed the April 30th "quasi" deadline to be in contract and still files for the credit. Anyone perusing this thread can choose to believe the Las Vegas Sun and the IRS' website that says the credit went through April 30th or they can believe you. I'd suggest that's something of a no brainer. I'd think you were confusing the deadline to be in contract with the deadline to close but you seem to have even that date wrong.Should be interesting.
\
Hey have you worked out the difference between a median and a mean yet?
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Old 08-09-2010, 06:02 PM
 
1,347 posts, read 2,448,277 times
Reputation: 498
Quote:
Originally Posted by olecapt View Post
\
Hey have you worked out the difference between a median and a mean yet?
I don't recall asking the difference between the two.

And if I were going to ask, it certainly wouldn't be someone that thought the difference between $142K and $135K was $5K.
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Old 08-09-2010, 06:10 PM
 
Location: Bethesda, MD
317 posts, read 1,003,281 times
Reputation: 111
Statistic is good for brain training ....and time killing

What about price/quality/location ratio in Summerlin and Henderson ? (200k SFH)
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Old 08-09-2010, 06:12 PM
 
351 posts, read 837,089 times
Reputation: 197
Geez, guys, could either of you look back to my post a few back & help me out. First one who can find the new figures is THE BEST !!!
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