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Old 06-21-2013, 08:23 PM
 
92 posts, read 114,582 times
Reputation: 72

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You mentioned economic happiness? Depends on how you define ‘economic happiness" If your definition is solely based on prices, then in some areas of the country prices are up. Should we really hope they ‘recover’ to the level they were at the height of the previous bubble? Is that really our measure of housing market health?
It cracks me up when realtors say, “Well, the price of this house may seem high, but it is not as high as it was in 2006…”
Right.

Last edited by observer53; 06-22-2013 at 08:33 AM..
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Old 06-21-2013, 08:34 PM
 
12,973 posts, read 15,762,680 times
Reputation: 5478
Quote:
Originally Posted by Kevin_nlv View Post
You mentioned economic happiness? Depends on how you define ‘economic happines' If your definition is solely based on prices, then in some areas of the country prices are up. Should we really hope they ‘recover’ to the level they were at the height of the previous bubble? Is that really our measure of housing market health?
It cracks me up when realtors say, “Well, the price of this house may seem high, but it is not as high as it was in 2006…”
Right.
I do not want to insult you and bring the mods upon my head but your are quite irrational.

You do not get to invent your own straw man. I do not care where prices are (except as a homeowner) What i do care about is velocity. How may dollars fly past. I would be more happy with more homes and less price. As long as the velocity goes up.

And locally I care even less about all that. I work mostly a set of local markets that I know well. If that goes well I am not sure I care where Las Vegas is.
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Old 06-22-2013, 08:34 AM
 
Location: Metro Phoenix, AZ USA
17,915 posts, read 43,311,267 times
Reputation: 10724
Knock off the personal comments, and take the discussion of national economic policy elsewhere. Thanks.
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Old 06-22-2013, 11:24 AM
 
92 posts, read 114,582 times
Reputation: 72
Few updates on the Las Vegas market.

-Hedge Funds are leaving Las Vegas.
-New/higher home prices combined with lower rental rates causing lower CAP rates and cash flow for investors.
-The 80,000+ homeowners are in the default.
-The spike in NOD's being filled ( Las Vegas is currently the 2nd leading city for NOD's being filled.

Here is one interesting video for you:

Hedge funds dump housing
http://video.foxbusiness.com/v/24310...-dump-housing/

And there you have it.
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Old 06-22-2013, 11:54 AM
 
244 posts, read 331,929 times
Reputation: 204
Quote:
Originally Posted by Kevin_nlv View Post
Few updates on the Las Vegas market.

-Hedge Funds are leaving Las Vegas.
-New/higher home prices combined with lower rental rates causing lower CAP rates and cash flow for investors.
-The 80,000+ homeowners are in the default.
-The spike in NOD's being filled ( Las Vegas is currently the 2nd leading city for NOD's being filled.

Here is one interesting video for you:

Hedge funds dump housing
Hedge Funds Dump Housing | Fox Business Video

And there you have it.
Yup.

Easy enough to discern. They did NOTHING to increase consumer buying power except lower interest rates which just created MORE debt.

It's a great time to SELL but you would have to be caa-ray-zee to buy into this knowing that at some point you are going to get STUCK.

The irony is that they (real estate industry) have put themselves out of business now and the machine has begun to destroy itself but that temporary euphoria sure felt good while it lasted, didn't it?

<cue the music>
I'm standing in the middle of the desert
Waiting for my ship to come in
But now no joker, no jack, no king
Can take this loser hand
And make it win
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Old 06-22-2013, 08:52 PM
 
92 posts, read 114,582 times
Reputation: 72
Please understand the following IT'S REAL.
Last week was the WORST week for mortgage rates on record.
Yesterday was one of two times in the past 10 years where the average borrowing rate for top tier scenarios moved up by at least a quarter of a point. A quarter of a point my not sound as much but in terms of day to day movements in 30yr fixed mortgage rates IT'S CATASTROPHIC.
For you who don't get it that leaves best execution at a 4.625%

Yes mortgage rates for 30yr fixed is @4.625%
FHA/VA is @ 4.25%
15 years fixed is @ 3.625%

This STEEPEST spike in interest rates we have ever seen will have HUGE impact and refinancing is a toast. Now you will have cash buyers only and cash outs left.

It's happening!!!!!!!!!!
Expect many purchase buyers to walk away from contracts as 3.50% just turned into 4.625%
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Old 06-22-2013, 09:02 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,134,711 times
Reputation: 3895
The only thing we can do is buckle up and brace ourselves. Some people will forget to buckle up, others won't brace.

While some will do both, plus more, which means it won't matter if we are going up or down.






(╯°□°)╯ ︵ ┻━┻
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Old 06-22-2013, 09:47 PM
 
15,803 posts, read 14,414,927 times
Reputation: 11861
The plan was always turn turn down the money spigot when the economy stared to pick up.
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Old 06-23-2013, 02:15 AM
 
92 posts, read 114,582 times
Reputation: 72
Quote:
Originally Posted by BBMW View Post
The plan was always turn turn down the money spigot when the economy stared to pick up.
If mortgage rates did get to 8% maybe somebody would want to lend again.
6% or 7% is probably the rate they need to get in order to draw lenders willing to lend for 15y or 30y so that's where mortgage rates are headed.
Lending will simply dry up as home buyers see their purchasing power erode.

House prices will adjust accordingly.
Median home price needs to be about $120K.
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Old 06-23-2013, 09:58 AM
 
15,803 posts, read 14,414,927 times
Reputation: 11861
If mortgage rates got to 7%-ish, and prices adjusted accordingly, that would be the time to buy.
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