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Old 04-22-2011, 03:03 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,187,029 times
Reputation: 2661

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Quote:
Originally Posted by Swigchow View Post
As always, there is usually a confluence of reasons why a perfect storm develops. However, I suspect that one issue that will need to be addressed is the now overly restrictive lending requirements. It seems that the average FICO score of 703 for loan approvals is suppressing the market.

http://portal.hud.gov/hudportal/docu...?id=olcurr.pdf
I am not sure you can tell what the impact of the FICO score rise...it came up from 696 which is not a huge rise.

The other big piece is that a low end buyer is disadvantaged maybe completely if using financing. The problem is that the appraisal values the place as owner occupied where the investment values it higher as a rental. The same economics which make it better to buy than rent also make it difficult to buy.
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Old 04-22-2011, 03:12 PM
 
1,374 posts, read 2,433,951 times
Reputation: 789
And they are saying to get rid of itemized deduction from federal income tax, so that home mortage interest is no longer a tax advantage.
I see housing market will be flat (if not worsen) in the foreseeable future.
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Old 04-22-2011, 08:21 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,486,602 times
Reputation: 7615
Quote:
Originally Posted by bayview6 View Post
Are you kidding? We are looking out the basement window.
Now I know you're lying....there are no basements in LV! (well, practically none).

Also, if you're analogy was true, then house prices would be rising from that vantage point...and I KNOW that ain't true.
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Old 04-22-2011, 09:31 PM
 
Location: Paranoid State
13,044 posts, read 13,858,996 times
Reputation: 15839
Quote:
Originally Posted by Scott456 View Post
And they are saying to get rid of itemized deduction from federal income tax, so that home mortage interest is no longer a tax advantage.
I see housing market will be flat (if not worsen) in the foreseeable future.

The work DW does on The Hill congressional stafers indicates that is not in play at all.
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Old 04-23-2011, 05:50 AM
 
Location: Henderson
1,245 posts, read 1,827,655 times
Reputation: 948
Quote:
Originally Posted by jfkIII View Post
Now I know you're lying....there are no basements in LV! (well, practically none).

Also, if you're analogy was true, then house prices would be rising from that vantage point...and I KNOW that ain't true.
Yeah, there are hardly any basements in LV. I must of been thinking about that joke about New Yorkers trying to commit suicide by jumping out of basement windows.

Anyway, prices are off 60% from the bubble highs. The question now is location, quality of construction, condition of house, etc. You can bet your cowboy boots that the best deals are flying off the shelf fast. The crap that nobody really wants is what fails and gets recycled on the MLS.
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Old 04-23-2011, 07:16 AM
 
Location: North Las Vegas
1,631 posts, read 3,950,349 times
Reputation: 768
The mortgage interest deduction is in danger of being cut, some home owners are upset about this and rightfully so.

Whether you agree with this guys take on why we should have the mortgage deduction go away or not, it is important to know what the is being said to the politicians that have them thinking it needs to go away.

Sacrficing cows and mortgage deductions

http://realestateinsidernews.com/foreclosure-reo-shortsale/sacrificing-sacred-cows-%E2%80%93-the-mortgage-interest-deduction/


Source: Real estate insider news
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Old 04-23-2011, 12:51 PM
 
2,879 posts, read 7,776,857 times
Reputation: 1184
I sold at La Posada in 9-2009, a 560 sf, very nice, condo, for 55K. I could buy the 705 SF model, today for 35K--and yes that is Summerlin. You are seeing 75%+ discounts in the condo market, even in Summerlin.
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Old 04-23-2011, 01:09 PM
 
179 posts, read 389,772 times
Reputation: 37
Quote:
Originally Posted by khuntrevor View Post
I sold at La Posada in 9-2009, a 560 sf, very nice, condo, for 55K. I could buy the 705 SF model, today for 35K--and yes that is Summerlin. You are seeing 75%+ discounts in the condo market, even in Summerlin.

Where is La Posada, the address or zip code?
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Old 04-23-2011, 01:27 PM
 
412 posts, read 915,623 times
Reputation: 166
Quote:
Originally Posted by Sheryl_Jones View Post
Where is La Posada, the address or zip code?
89128.

Seems nice if you don't mind not having a garage and living around mostly renters. Kitchens are also dated, but the prices are low. I don't see the 700 sq foot models selling for $35K. More like $45K+.

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Old 04-23-2011, 02:01 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,187,029 times
Reputation: 2661
Quote:
Originally Posted by Tires View Post
89128.

Seems nice if you don't mind not having a garage and living around mostly renters. Kitchens are also dated, but the prices are low. I don't see the 700 sq foot models selling for $35K. More like $45K+.
$35K or so should work. Presently a short at 35K and a Freddie Mac at 38K.

Last month two sales - 34K REO and 40K Classic.
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