[olecapt]

On the real stuff. December volume is up from November. That appears counter to US and normal seasonal trends. The official numbers should be out today or tomorrow.

Price is down though still in the range of the last 6 months. It begins to appear that classics are coming down enough to offset the continuing growth in REO prices. The other trend is a growth in the short sale volume.

REOs continue to sell at about 105% of list.

[Chickrae]

Let me remind a couple of you, (and you know who you are) of the TOS.

There have been many personal attacks. I am not going to go back 3 and 4 pages and delete them.

Personal Attacks, Flaming, Insults
Be civil, no personal attacks, flaming, or insults. We may attack ideas (politely) but we do not attack the speaker of the idea. Be careful with your words, there is a point where being direct crosses a line into blunt, in-your-face hostility

Especially this TOS rule. Everyone has an opinion. It is apparant that the two of you will not agree. So quit bickering back and forth, as no one cares to read about your differences of opinon. If you don't have something nice to say, don't say it.

Opinions
Our opinions on a location or issue are just that, opinions. Highly subjective. Personal preferences. Quirks, even. Leave wiggle room for dialogue, others may not see things the same as you, or been there as long as you, and any one of us can be wrong. Pouncing on someone you disagree with runs contrary to the spirit of this board and its members. We are here to help each other

I think for the most part this thread has been informative (seeing it's 200+ pages), but if the two individuals don't adhere to these rules, it will be closed and infractions will be issued.

Thank you.

[JM95]

Cap,

If you are implying that CW defrauded mortgage customers, that just nuts.

They simply gave people an opportunity to own a home, and *invest* in real estate. All investing involves risk.

CW did not put a gun to anyones head,forcing them to buy a 3,000 square foot house.

People should really learn to take responsibility for their actions. Too bad there is no debtors prison.

btw, I am not affiliated with CW, or any bank/realtor.

This little market crash is a great thing because it proves to people that real estate involves risk, like anything else. Maybe they will stop listening to all the hucksters.

Originally Posted by olecapt

Nope. No Realtors I know of worked for or contracted with CW. Stop trying to change the subject.

Let us hear your version of how the fraud and crooked dealings of CW were set right.

[olecapt]

Originally Posted by JM95

Cap,

If you are implying that CW defrauded mortgage customers, that just nuts.

They simply gave people an opportunity to own a home, and *invest* in real estate. All investing involves risk.

CW did not put a gun to anyones head,forcing them to buy a 3,000 square foot house.

People should really learn to take responsibility for their actions. Too bad there is no debtors prison.

btw, I am not affiliated with CW, or any bank/realtor.

This little market crash is a great thing because it proves to people that real estate involves risk, like anything else. Maybe they will stop listening to all the hucksters.

Fraud, for some values of fraud, was a way of life at CW. And it may well be that Angelo and co-workers may yet end up in jail. It was clearly systematic and organized.

And many of the individuals who wrote mortgage applications for CW committed illegal acts. They may well not be provable...ie who filled in the bogus numbers..but they did it.

I am not out for a witch hunt to check every CW mortgage application for fraud...but there are more than enough known instances to suggest it was corporate and wide spread. You made your money while the sun shined...

And of course the libertarians among us suggest it was all the fault of the buyers...who are guilty as well. But when you create and promote the use of fraud in mortgage applications you really are guilty. And that was common.

Was not just CW by the way. The whole sub-prime area smells bad. Note that many of the big boys declined to do sub-prime...though they would refer you to someone else who would. Fraud one level removed?

[tony soprano]

Originally Posted by JM95

Cap,

If you are implying that CW defrauded mortgage customers, that just nuts.

They simply gave people an opportunity to own a home, and *invest* in real estate. All investing involves risk.

CW did not put a gun to anyones head,forcing them to buy a 3,000 square foot house.

People should really learn to take responsibility for their actions. Too bad there is no debtors prison.

btw, I am not affiliated with CW, or any bank/realtor.

This little market crash is a great thing because it proves to people that real estate involves risk, like anything else. Maybe they will stop listening to all the hucksters.

Of course it's always easy to say something happened when you're unencumbered with the burden of proof. I don't suppose an underwater mortgage holder might have an incentive to deny they provided inaccurate information to secure a loan? Further, at the bottom of every mortgage application is the homebuyer’s signature. If the homebuyer wasn’t the actual catalyst for fraud, at the very least they were a complicit participant. Were there instances of mortgage fraud without the homebuyer’s active participation? Sure, but nowhere on the massive scale required to cause the housing bubble and resultant crash.

[tony soprano]

Originally Posted by Slim10

November sales numbers are out for the greater LV area.

Sales numbers have dropped in line with the traditional year end slow down. SFR was 3,117 compared to 3,535 the previous month. Townhomes and condos was 726 compared to 850 the previous month.

Total sales however are still higher than similar November months (up ~50% from nov last year).

Sales median continues to trend up with median prices going up 0.647% to $140k from $139.1k in Oct. This is overall 3.3% above the lowest month (Aug $135.5k)

Townhome/condo prices softened 2.8% to $68k but still 5.4% up on Apr 09 prices (lowest).

New listings fell 15.4% to 5447 but its about the same average as the past few years.

December outlook is likely to be no different.

December SFR median came in at $136K. Condo at $65.3K

Don't fret. I heard this trend can't continue.

[Kaiminani]

Originally Posted by olecapt

And of course the libertarians among us suggest it was all the fault of the buyers...who are guilty as well.

Hey, don't be misattributing. A real libertarian believes just as much in the lender's responsibility to do due diligence before handing out their money. NINJA loans and the like were just formalized processes to avoid due diligence.

[jpk]

Originally Posted by Kaiminani

Hey, don't be misattributing. A real libertarian believes just as much in the lender's responsibility to do due diligence before handing out their money. NINJA loans and the like were just formalized processes to avoid due diligence.

Correct, if a loan went bad, a libertarian wouldn't say that it was the taxpayers job to fund the difference. The bank takes the loss, the borrower gets the asset repossesed, and it's done with.

[olecapt]

Originally Posted by tony soprano

December SFR median came in at $136K. Condo at $65.3K

Don't fret. I heard this trend can't continue.

We bounce along the botton still. REO price continues to rise.

Volume is at very high levels. Well up from November.

The interesting trend is the continued drop of Classics while the shorts are quite stable. Looks like shorts and classics could converge in the spring.

I would think we will see prices begin to rise in the spring.

[airics]

Originally Posted by olecapt

We bounce along the botton still. REO price continues to rise.

Volume is at very high levels. Well up from November.

The interesting trend is the continued drop of Classics while the shorts are quite stable. Looks like shorts and classics could converge in the spring.

I would think we will see prices begin to rise in the spring.

i will agree with you Capt... 2 Homes sold in the last 2wks in my development..one 15% over list, the other 17%