[eventusstultorummagister]

Originally Posted by 007 license to sell

Home shortage in Las Vegas? In foreclosure deals yes, Realtors say

"Scientists believe that Chuck Norris's tears can cure cancer, too bad Chuck Norris can't cry"

[jfkIII]

Originally Posted by 007 license to sell

This article covers what is going on with Vegas and the surrounding area's housing inventory and prices and right now there is a false sense that housing is getting better due to prices going up. This is just small blip on the radar screen, prices are only going up due to the temporary low inventory. Once the banks start releasing inventory after they have their employees up to snuff regarding checking bank notes on the homes to make sure that they own the note before foreclosing.

I was at real-estate rally recently and there was a panel of REO companies and lenders that addressed the low inventory.According to some of the panelists supposedly the banks are bringing on more staff hiring attorneys to take care in making sure bank notes are legitimate. There has been fraud found where banks couldn't find the original document. Banks were hiring an outside firm to capture the electronic version and make hard copies of them. This was and is part of the robo signing problem.

Also some realtors like to create hype regarding homes going up 10% in value in the next few months and that a buyer should buy now. Whether that's true or not a buyer could regret purchasing during the increase in prices once the prices start to go back down.

Also when this article address's condo prices those are not highrise condo's. Highrise properties were seeing a correction way before the new law was enacted making banks produce bank notes showing they actually hold the lien on the property. Not as many highrise properties were built compared to houses so the highrise properties began stabilizing and some are increasing in value. However highrise prices are still half or less than they were originally selling for.

Home sales, prices rise; inventory dips

Are you using a typewriter to post messages?

[007 license to sell]

Please click the link below to view the February 2012 Market Report.

February 2012 Market Report

[SportyandMisty]

Someone didn't get the memo that the Las Vegas area housing price bubble burst:

591 Lairmont Pl Henderson NV - Home For Sale and Real Estate Listing - MLS #1233233 - Realtor.com®

[las vegas drunk]

Originally Posted by SportyandMisty

Someone didn't get the memo that the Las Vegas area housing price bubble burst:

591 Lairmont Pl Henderson NV - Home For Sale and Real Estate Listing - MLS #1233233 - Realtor.com®

Agreed, he will be lucky to get half of that. Zillow values it at $2,789,000.

[eventusstultorummagister]

Originally Posted by SportyandMisty

Someone didn't get the memo that the Las Vegas area housing price bubble burst:

591 Lairmont Pl Henderson NV - Home For Sale and Real Estate Listing - MLS #1233233 - Realtor.com®

Owner is VP of Penta?

[Tek_Freek]

Just what I've always wanted: A lime green movie theater.

I like this one better: 2357 JANESVILLE Ln, Henderson, NV 89044 | MLS# 1226669

Look at that view!! And the price, while still high, is better.

[JohnG72]

The low inventory is very obviously bullcrap as has been mentioned.

This weekend I attended the NASCAR race. The shuttle buses took us along Hollywood Bl into Nellis. This was significant to me because I had visited a friend in the area several times over a decade ago(pre 2000). The are struck me as very odd. Her place was built in the late 80's, and by the late 90's, the neighborhood was already in decline pretty bad. TBH, most of her neighbors looked like meth addicts. Most of the homes, only a decade old, looked quite run down. Yet very close, there were large masions and huge properties

The neighborhood hasn't really changed since then except there's now many more new build tracts. I ran the Redin Ap on my iPhone as we drove through. One of the new build homes...3bd/2bq, 1600 sq ft....had recently sold at $78k. What really struck me is how many of the properties were clearly vacant(including some of the mansions).

I guess the point I'm trying to make is that although it's not exactly the best neighborhood, I was stunned at how many properties were just sitting there. IMO, anyone considering buying in Las Vegas needs to be aware that they are buying into a completely rigged situation. This doesn't mean not to buy. There's a strong need for certain people to buy. However, anyone buying really needs to be aware that the massive undisclosed shadow inventory(homes where the mortgage is not being paid, but are not yet on the mls) does mean that there will likely be NO housing appreciation for maybe a decade or more. If this is any sort of a thought in a buyers mind(housings a GREAT investment lol), they should reconsider. And any amateur investors should definitely think long and hard about rEnts and vacancies along with what future inventory might do.

[ElleTea]

Originally Posted by SportyandMisty

Someone didn't get the memo that the Las Vegas area housing price bubble burst:

591 Lairmont Pl Henderson NV - Home For Sale and Real Estate Listing - MLS #1233233 - Realtor.com®

Doing the payment estimator, I got this:

Based on recent rates, your monthly payment for this scenario would be around $22,620 Now Check Your Credit!

[ElleTea]

Originally Posted by Tek_Freek

Just what I've always wanted: A lime green movie theater.

I like this one better: 2357 JANESVILLE Ln, Henderson, NV 89044 | MLS# 1226669

Look at that view!! And the price, while still high, is better.

Yeah, I could definately see myself spending a lot of time here: