[eventusstultorummagister]

Originally Posted by SportyandMisty

I found particularly interesting in the above article the section on MERS "victories:"

"...yet Vegas is a very large city with no federal or state income tax," he said."

Who is this guy Irwin Schiff?

P.S. Hubble Smith is a liar and a charlatan, check his articles from 2007.

[ScoopLV]

Originally Posted by eventusstultorummagister

"...yet Vegas is a very large city with no federal or state income tax," he said."

Who is this guy Irwin Schiff?

P.S. Hubble Smith is a liar and a charlatan, check his articles from 2007.

No federal income tax?

Well, that's going to make my life easier, come April 15.

[eventusstultorummagister]

LV Sold Short Sales:

2010 = 9,621

2011 = 9,327

But the bank owned sales during this period...

2010 = 14,902

2011 = 17,485

Condo sales, same story. Bank owned rose, short sales fell.

Trend is pretty clear.

[007 license to sell]

Here is some additional data you may find helpful, as you will see inventory is low and the bottle neck of inventory seems to be short sale inventory. If you look at how many are in contract v/s short sales it tells you that the short sale inventory is still not closing in timely matters or at all in some cases.
Las Vegas Real Estate Market Report: 01/04/12

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of January 4, 2012, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available – 9,041 (-282, Last Week 9,323)
Under Contract – 9,982 (-471 , Last Week 10,453)
Days of Supply – 28 (+1, Last Week 27)
Short Sales – 11,108 (-277, Last Week 11,385)

Condominiums and Town Homes (CONDO/TH)
Available – 1,596 (-42, Last Week 1,638)
Under Contract – 1,991 (-78, Last Week 2,069)
Days of Supply – 25 (+1, Last Week 24)
Short Sales – 2,101 (-30, Last Week 2,131)

Combined SFR + CONDO/TH
Available – 10,637 (-324, Last Week 10,961)
Under Contract – 11,973 (-549, Last Week 12,522)
Days of Supply – 27 (+1, Last Week 26)
Short Sales – 13,209 (-307, Last Week 13,516)

[eventusstultorummagister]

Originally Posted by eventusstultorummagister

I read a mind numbing statistic today. In 2004, 33.7% of Las Vegas purchase loans were "interest only".

Wow...!

Here's another staggering statistic...

Nearly half (thats right HALF!) of the mortgages in Nevada during the bubble years went to people who owned MORE than one home. One in ten went to people who owned more than four homes.

Again, Wow...!

[ScoopLV]

Originally Posted by eventusstultorummagister

Here's another staggering statistic...

Nearly half (thats right HALF!) of the mortgages in Nevada during the bubble years went to people who owned MORE than one home. One in ten went to people who owned more than four homes.

Again, Wow...!

The same thing happened in South Florida. Everyone I knew (and I mean EVERYONE -- students, grandmothers, butchers, bakers and doctors) either:

1) Bought a house and immediately took out more loans to buy more houses.

2) Refinanced the house they already had and took out loans to buy more houses.

People were leveraged up to their eyeballs. Multi-millionaires on paper, but not enough money left at the end of the week to buy decent groceries. They wanted me to get on their little merry-go-round, too. "Just sign your name real big," they said. "By the time the ARM resets, the house will be worth double. You CAN'T LOSE!!!"

Well, needless to say, we didn't sign our name real big -- figuring if the market really was going to perform like that forever, we could jump on at any time.

When we moved here, I knew a few people who were still buying property on the "leverage it and think about it later" plan, as late as 2007. After all, local realtor-wizards were offering this sage advice: "There are dozen of people who sat out the 2004 and 2005 runup waiting for the bubble burst. They are still waiting and many are for ever priced out of the Vegas market."

These realtor-wizards still try to pass themselves off as experts, even though their track record is, well, suspect.

So all these friends and neighbors are now renting -- they lost all those "sign your name real big" properties. And they lost their primary residence because that was the cornerstone of their house of cards. The bubble formed and collapsed on bank greed. But also on the greed of Yuppie d'bags who watched a few hours of DIY network and thought they'd make it rich quick in Real Estate.

I think it's still possible to make it rich in Real Estate -- but not quick. And the days of relying on an "industry wizard" rather than doing one's own homework is drawing to a close. If the "industry wizards" were so damned good, they'd be out making bank rather than trying to hustle clients.

[LVPoker1]

In the past few weeks there have been no homes for sale in my neighborhood. At one point there were 14. I do not see any vacant homes either except for one that is for rent and one being gutted for a likely flip. When I go through Zillow in 89135, which I know is not reliable since it still shows homes for sale in my neighborhood that have already closed, there are substantially fewer homes for sale than there were even a few months ago. This has to be good news for my area.

[repru]

Originally Posted by ScoopLV

The same thing happened in South Florida. Everyone I knew (and I mean EVERYONE -- students, grandmothers, butchers, bakers and doctors) either:

1) Bought a house and immediately took out more loans to buy more houses.

2) Refinanced the house they already had and took out loans to buy more houses.

People were leveraged up to their eyeballs. Multi-millionaires on paper, but not enough money left at the end of the week to buy decent groceries. They wanted me to get on their little merry-go-round, too. "Just sign your name real big," they said. "By the time the ARM resets, the house will be worth double. You CAN'T LOSE!!!"

Well, needless to say, we didn't sign our name real big -- figuring if the market really was going to perform like that forever, we could jump on at any time.

Scoop of course does not really understand what happened. Basically a lot of people out of S. CA took the equity of their homes and used it to purchase in Las Vegas. Many flipped their houses without ever taking possession. Others took possession and immediately resold. Most if not all got two rounds of Las Vegas and then moved to Phoenix where they did the same. Most of the inital flippers in Las Vegas made very high profits and took their money on to Phoenix where they did the same thing. The eventual losers left holding the bag were local owner occupies and investors who ended up with the damaged goods.

When we moved here, I knew a few people who were still buying property on the "leverage it and think about it later" plan, as late as 2007. After all, local realtor-wizards were offering this sage advice: "There are dozen of people who sat out the 2004 and 2005 runup waiting for the bubble burst. They are still waiting and many are for ever priced out of the Vegas market."

These realtor-wizards still try to pass themselves off as experts, even though their track record is, well, suspect..

Scoop of course picks that comment out of context...he likes to do that. The full quote...

The rub of course is the applicability to Las Vegas. Vegas has this somewhat unusual growth numbers and some scarcity of land. We have been flat for 18 months and I think we have in fact dropped very slightly in overall price. But even after 18 month of flat price and very slow sales there is no sign of any real break in the market.

My view is that nothing significant is going to happen in Vegas. Worse case we will see continued low sales volumes and a slight reduction in price. Best case volume rises a bit and a slight price increase. Neither scenario changes things much.

I don't see anything wrong with not buying in Las Vegas either. Renting is perfectly viable with the understanding that your selection is very limited and the nicer neighborhoods are almost unavailable. Then again there are lots of nice houses available in new neighborhoods - the flippers are pretty desperate to rent so pretty nice places can be rented for less than the cost of a 50% mortgage on the property.

Read more: //www.city-data.com/forum/las-v...#ixzz1ipwn57Qn

This is in Feb of 2007. The real break does not come for another 18 months.

So all these friends and neighbors are now renting -- they lost all those "sign your name real big" properties. And they lost their primary residence because that was the cornerstone of their house of cards. The bubble formed and collapsed on bank greed. But also on the greed of Yuppie d'bags who watched a few hours of DIY network and thought they'd make it rich quick in Real Estate.

I think it's still possible to make it rich in Real Estate -- but not quick. And the days of relying on an "industry wizard" rather than doing one's own homework is drawing to a close. If the "industry wizards" were so damned good, they'd be out making bank rather than trying to hustle clients.

Scoop shows how good he is at this in the above. The original flippers made very large profits and repeated the same in Phoenix and maybe elsewhere. Scoop picks up on the locals who lost their shirt in the end game. He has only a very limited idea of what happened.

One suspects he may be bitter for having bought in the wrong place at the wrong time...but who knows...

[eventusstultorummagister]

Originally Posted by LVPoker1

In the past few weeks there have been no homes for sale in my neighborhood. At one point there were 14. I do not see any vacant homes either except for one that is for rent and one being gutted for a likely flip. When I go through Zillow in 89135, which I know is not reliable since it still shows homes for sale in my neighborhood that have already closed, there are substantially fewer homes for sale than there were even a few months ago. This has to be good news for my area.

I see 276 properties presently listed for sale in 89135.

[tony soprano]

Originally Posted by repru

One suspects he may be bitter for having bought in the wrong place at the wrong time...but who knows...

I think the more likely scenario is he recognizes a quack when he sees one.