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Old 08-26-2008, 07:49 AM
 
Location: New York, NY
307 posts, read 927,855 times
Reputation: 81

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Worst plunge in the country for the 2nd quarter of the year!

Home prices plummet to a new record - Aug. 26, 2008
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Old 08-26-2008, 08:10 AM
 
Location: Sitting on a park bench...
2,753 posts, read 6,664,494 times
Reputation: 741
What do you care, you don't live here.
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Old 08-26-2008, 08:28 AM
 
Location: New York, NY
307 posts, read 927,855 times
Reputation: 81
"What do you care, you don't live here"


You don't have to live there to know what's going on.

Besides, might want to live there is prices keep plunging.

Who can resist a bargain.
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Old 08-26-2008, 08:51 AM
 
Location: Here and there, you decide.
12,908 posts, read 27,989,097 times
Reputation: 5057
you're right.. its a bargain now.... so what is your point? do you come on this forum just to ridicule the people that unfortunately bought in 05 and 06 (like myself)? so where is the best place to live Mr. Genius? I guess everything is all rosy in your neck of the woods.. except wait, in nyc, noone can even afford a piece of property.. always wanted to live in the filth of that big city.
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Old 08-26-2008, 09:04 AM
 
Location: Tyler, TX
23,866 posts, read 24,105,148 times
Reputation: 15135
We were renting a house that was foreclosed on last year. They offered to sell it short to us for $265k - we declined. Six months later, it was "bank owned" and for sale for $180k. Last I heard (at about 8 months), a sale was pending for $165k. We sure are glad we didn't buy it when they offered it to us!

Yes, LV is suffering large drops in prices. I'm not "up" on the real estate industry here, but my guess is that it has a lot to do with SoCal investors buying up rental houses in the valley, expecting to get rich from it. That house, as well as the one we're in now, were/are both owned by people living in the L.A. area.
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Old 08-26-2008, 09:07 AM
 
Location: Here and there, you decide.
12,908 posts, read 27,989,097 times
Reputation: 5057
when a sale is pending, it does not mean it is pending at the list price.... most houses receive multiple bids and sell for over list price, especially if it is a nice home in the right neighborhood.
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Old 08-26-2008, 09:08 AM
 
Location: Las Vegas
3,728 posts, read 9,472,715 times
Reputation: 1323
If you read the article...Miami rate of decline was at 28.3...just a fraction below LV...and Phoenix was at 27.9. Fractions. Tenths of a percent...

Yet the OP continually posts doom and gloom about Las Vegas only..

Wannabe material...all the tell tale signs are there...

And for the vast majority of people who love it here...who really cares?

Anyone who wants to be in the new millennium of nickel and dime investors and is a bit savvy about such things...already knows that they should be staying away from Las Vegas and looking towards recession proof cities...but everybody knows that...right? Oh of course, if you want to live here...then that's different. But that ain't really "investing" now is it?

http://www.forbes.com/2008/04/29/cit...ealestate.html

http://www.usnews.com/blogs/the-home...onproof-cities

http://www.nuwireinvestor.com/blogs/...oughts-on.html

Last edited by MomMom; 08-26-2008 at 09:35 AM..
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Old 08-26-2008, 09:12 AM
 
Location: Here and there, you decide.
12,908 posts, read 27,989,097 times
Reputation: 5057
and phoenix was worse for the month... hey you know you make life what you want it to be.. if you go from day to day full of gloom, you will never be happy. My first house here is down almost 70k, am i bummed? of course.. but s*** happens.. I'm not running away. Compare everything else to nyc, crime, weather, people, shopping, smog, filth, etc.. if you cant take the heat, get out of the sun!
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Old 08-26-2008, 09:12 AM
 
Location: Tyler, TX
23,866 posts, read 24,105,148 times
Reputation: 15135
Quote:
Originally Posted by airics View Post
when a sale is pending, it does not mean it is pending at the list price.... most houses receive multiple bids and sell for over list price, especially if it is a nice home in the right neighborhood.
It was on the market for 8 months - we watched the list price fall like a stone. Maybe they did get multiple offers once it hit a certain threshold, but we're still looking at a $100k (more than 1/3) drop in list in an 8 month period. No wonder they were trying so hard to sell it to us - they knew what was going to happen!
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Old 08-26-2008, 09:13 AM
 
Location: Here and there, you decide.
12,908 posts, read 27,989,097 times
Reputation: 5057
where was the house at?
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