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LVOC how do you know for sure that people who purchased homes two years ago will be well above it by end of the year????? You don't know and you can't know....you are just speculating.
I have a friend who purchased a town home on east side in mid 80 and that unit was build in 79. It sold back then for $78.000 and this year recent sales are in mid $40.000.
Don't you please tell me how anyone who bought before 2000 is fine.
Original owner of that unit that I mentioned would be underwater today after 40 years.
That's how bad it is.
I have no divine source of information. All I am suggesting is a linear progression of what has occurred the last few months. And it can come out utterly different. But that can as well be higher than my estimate as well as lower. The actual is known only in hindsight...and then it is easy.
I have no solution for your friend other than to point out it is very unusual and there were probably other things working. Overall the worst hit in the bubble burst were the condo conversions...they just got massacred. Then the regular condos. Then the single families, particularly those built in the mid 2000s. and mostly the town houses did better than anyone else.
I am not doubting you. I have seen enough of "this place got wiped out" not to argue with it.
But I have to deal with the overall statistics. And how they apply to the particular house I am dealing with.
So I look and tell my client what I think a reasonable person would pay for it. If they wish to offer less - I offer less. If they wish to cement the purchase by offering more...I offer more.
My job is too provide accurate information...the client then decides.
The short term bump (in prices) is due to the impact of AB 284 which halted NOD's by 90-95%. Without a NOD there is no incentive for a homeowner to negotiate a short sale. As a result, Nevada is now number #1 in delinquent loans and over 40% of these default homeowners have not made a payment in OVER 2 years!
Home builder's have used this window of opportunity to add even more unneeded inventory.
Judicial foreclosures are just beginning and when they begin to sort this out prices will fall below where they started.
@100K more distressed homes in the pipeline...
Last edited by observer53; 08-26-2012 at 08:21 AM..
This is important news regarding real-estate all over the US. Keep in mind Fannie mae owns most of the deliquent mortgages in Nevada.
Click the link below to watch video.
Click the post title above to watch today’s video! Catch all your real estate news and mortgage news with Frank Garay and Brian Stevens here at The TBWS Daily Show!
Click the post title above to watch today’s video! Catch all your real estate news and mortgage news with Frank Garay and Brian Stevens here at The TBWS Daily Show!
This is important news regarding real-estate all over the US. Keep in mind Fannie mae owns most of the deliquent mortgages in Nevada.
Click the link below to watch video.
Click the post title above to watch today’s video! Catch all your real estate news and mortgage news with Frank Garay and Brian Stevens here at The TBWS Daily Show!
The Federals all together have 1134 properties in Clark County. That is about a six months inventory for them. If all dumped at once it would hardly make a glitch.
All together there are roughly 11,000 foreclosed properties that have not been resold. That is a four month supply for the market. Many of these are likely being held as rentals by investors who picked them up at a foreclosure sale - About half of these were foreclosed more than a year ago.
On balance then the "shadow inventory" is not a big deal if you count only those actually owned by a bank or the Feds. If there is a real "shadow inventory" about which you should be concerned it would be those homes which have not been foreclosed or short sold but may yet be. Again there rate limits really prevent any major dumping. You simply cannot get them on the market fast enough to create a big problem.
This is important news regarding real-estate all over the US. Keep in mind Fannie mae owns most of the deliquent mortgages in Nevada.
Click the link below to watch video.
This video is only proving ScoopLV's point and I have to give him credit for calling it. Fannie Mae is holding back "shadow" inventory to increase prices (DeBeers theory in action... just like the diamond market).
That being the case, you have to admit then that we are at bottom of the market. Sure, we may bounce around a little in terms of seasonality, etc., but we're pretty much at the bottom here. You can't deny that Fannie Mae was successful in this ruse. It may be an artificially manipulated market by the government, BUT SO IS EVERY OTHER MARKET IN THE WORLD. Prices are prices and they shouldn't go much lower from here as long as they keep trickling out inventory a little at a time. Unfortunately, it also means we'll definitely stay at this bottom for a long time.
This video is only proving ScoopLV's point and I have to give him credit for calling it. Fannie Mae is holding back "shadow" inventory to increase prices (DeBeers theory in action... just like the diamond market).
That being the case, you have to admit then that we are at bottom of the market. Sure, we may bounce around a little in terms of seasonality, etc., but we're pretty much at the bottom here. You can't deny that Fannie Mae was successful in this ruse. It may be an artificially manipulated market by the government, BUT SO IS EVERY OTHER MARKET IN THE WORLD. Prices are prices and they shouldn't go much lower from here as long as they keep trickling out inventory a little at a time. Unfortunately, it also means we'll definitely stay at this bottom for a long time.
Not in Las Vegas. They simply don't hold any significant inventory
Most of those privately owned units are recent purchase by shady investors who are looking for quick flip profits or rental income. What about long term Las Vegans who have lost all their equity and are mostly underwater now??????? I know people who purchased a house two years ago and are upside down on their mortgage today. After you have sucked all those people to buy a house in past and told them that a house prices can never go down only up, now you have a guts to post here why we don't believe in anything you say and why some of us don't believe in mortgage debt anymore and that phony American Dream of homeownership.
How is somebody who was smart enough to save their money and now investing in RE a shady investor? Did they rob the bank to then turn around and buy a rental?
If you bought a home 2 years ago, then you shouldn't complain. THEY HAD 2-3 years of bad news coming out of the RE industry and diving home prices. Historically, that was correct, home prices never really went down. There were bubbles and downturns but in the long run the stats were correct UNTIL THIS CLUSTER Eff of the mortgage meltdown/recession.
Quote:
Originally Posted by gulfer
WOW...did I miss a lot today. Looks like I really stepped on Jackie's toes.
Jackie - I hope you read some of my posts before just jumping in here and calling me out like that. You missed the mark on me.
I almost bought in Vegas in 2006 and a GREAT Realtor told me to wait. Yes, one in Las Vegas. He told me to wait and see what happens. A good Realtor just won't sell you a home for a commission, they will look at your situation individually.
How many homeowners underwater took out Home Equitly loans for vacations, a new car, to pay off credit card debt, etc...??? You won't know, so it can't be answered. How many that are underwater stuck to the guidance of 33% maximum for a house. If you make 50K per year, maximum house you should buy is 150K?
If anyone knows the recession of the worst kind is hitting next year, you could position yourself very good in the stock market and make millions - Bottom line YOU DON'T NOR DOES ANYONE!
Do you blame a car salesman for selling you a car when you find out two weeks later you could have had it for 5K cheaper? Would you blame a Realtor for helping you buy a home for 400K when all you make is 40K? If a Realtor told you no, would you just go find another one?
Yes, this is a second career for me as LVOC has said. Yes, I have a lot to learn. I am open and honest with everyone I meet. I don't need to sell a house to eat, so that part makes it nice. I spent 26+ years in the Navy, my wife spent 23. We have nice pensions. I do this because I actually do enjoy it. You don't know me nor will you ever see me out there saying BUY, BUY, BUY. Every situation is different.
I plan to be out in Vegas in the fairly near future. I have two girls that need to finish school, then we will make a move.
I sure don't know how my comment about arguementative, combative, miserable, YADA, YADA, YADA, turn into this. So I will back off. sorry for going off track on this one and causing a fuss.
Thank you very much for your service for our great country.
Realtors are in the business of making money for themselves like everyone else in business. They are not the charity/non profit network. That being said, they did say some good BS to get people into their offices. Now everyone says BS in biz but they were like the infomercial folks. Buy now before you are priced out of the market. Had the market been real it would have been good advice but it wasn't. They should have known and looks like your Great realtor did. If RE experts payed attention to the Liar loans and unqualified buyers ALL getting mortgages, they would have seen how lax and easy it was to get a mortgage and seen the bubble. If everyone and their kids came into a car dealership with monopoly money down payments and they all got approved, I'd hold out buying a new car and wait for them to get repossessed and then a buy a cheaper one that got returned. Unfortunately, some people were not able to see that b/c they were not given the right info or made aware of what was going on.
Quote:
Originally Posted by JackieL65
LVOC how do you know for sure that people who purchased homes two years ago will be well above it by end of the year????? You don't know and you can't know....you are just speculating. I have a friend who purchased a town home on east side in mid 80 and that unit was build in 79. It sold back then for $78.000 and this year recent sales are in mid $40.000.
Don't you please tell me how anyone who bought before 2000 is fine.
Original owner of that unit that I mentioned would be underwater today after 40 years.
That's how bad it is.
Original owner should already have that property paid off by now and pay nothing for mortgage.
Is your friend still paying the same mortgage as he promised to pay in the 80s? I wish I could still pay $1.05 for gas like I did in the 80s. He still has a roof over his head right? Did he buy this property as an investment or for him to live in. If he's going to live in it, there's nothing that's changed. If he's in it for the investment he should have sold it when the market was high and began to crash or sooner. Just like the people during the boom wanted their home to be a roof over their head AND an investment your friend should also not think of it as both.
Most of those privately owned units are recent purchase by shady investors who are looking for quick flip profits or rental income. What about long term Las Vegans who have lost all their equity and are mostly underwater now???????
I know people who purchased a house two years ago and are upside down on their mortgage today.
After you have sucked all those people to buy a house in past and told them that a house prices can never go down only up, now you have a guts to post here why we don't believe in anything you say and why some of us don't believe in mortgage debt anymore and that phony American Dream of homeownership.
Well, now you know somebody who bought a house in Henderson in January 2011 and is up $50K.
That fits the definition of fraud...
"an intentional deception made for personal gain"
Nope, the buyer should not rely on anything a real estate agent says. The law on this is very clear but unfortunately most buyers do not consult a lawyer before buying a house.
Next year you will witness the next recession, it is a matter of fact. Buying TODAY when prices are headed DOWNWARD is a mistake. The puffery specialist cries: "you're a negativist"!
No, I'm a realist...
This thread has lost all credibility.
Prices are headed downward????????????
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