[Tiger Beer]

Originally Posted by pommysmommy

Were it not for the Las Vegas Strip, I think Las Vegas would be the next Detroit.

As a native Michigander, the cities are so significantly different....there is really no comparison whatsoever in any way, shape, or form.

Vegas without the Strip, a mini-Phoenix perhaps...

[pommysmommy]

Originally Posted by flyingtigers

Yeah, I'd much rather be in El f***king Paso, Tx.

El Paso forclosures up more than anyplace else in Texas

Property values in El Paso are rising due to the expansion of Ft. Bliss. No one here is upside down on their home loan.

[pommysmommy]

Originally Posted by Tiger Beer

As a native Michigander, the cities are so significantly different....there is really no comparison whatsoever in any way, shape, or form.

Vegas without the Strip, a mini-Phoenix perhaps...

Sure they are different but people are bailing out of Las Vegas and I don't see things getting better. The neighborhoods will continue to detriorate as HOA's go belly up for lack of payment.

[chaotix]

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Originally Posted by 007 license to sell

It will be interesting to see what other banks will follow suit.

Nevada leads the nation in foreclosures, but I think many more banks will follow suit, as the total of foreclosures in expected to rise throughout the US this year. Here's an update on bloomberg:

U.S. Foreclosures May Rise to 3 Million This Year (Update1) - Bloomberg.com
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[olecapt]

Nevada however appears to be past the peak and decreasing year over year.

[Tiger Beer]

Originally Posted by pommysmommy

Sure they are different but people are bailing out of Las Vegas and I don't see things getting better. The neighborhoods will continue to detriorate as HOA's go belly up for lack of payment.

I get your point - doom and gloom, etc.

But honestly...Detroit is an entirely different animal. It's a city that lost half of its population, and wrecked by racial and social ills...a crack epidemic...violence, and on and on...combined with brutal winters, lack of jobs, etc. It's also an undesireable city on almost every level in a part of the country that very few people would willingly choose to live.

Las Vegas...it's still a sunbelt city in a very desireable part of the country...tons of brand new houses...has a mystique and draw to it...that basically experienced a very over-appreciated housing bubble (from people wanting to live there)...that popped...as what happened in many U.S. cities in this part of the country...but that's really the extent of it. It's in the process of self-correcting itself...and all is back on track again.

I don't personally buy into the philosophy that a city must ever-expand with immense record growth from now to eternity...so if you mean a slow-down or reversal in that...I personally think the unsustainable isn't worth sustaining anyways.

[Huckleberry3911948]

that is what is going on here, lots of houses off the market, and the ones they put on they are not in any hurry to sell.
no market economy operating thanks to bailout interference. frozen market at tax payer expense.

[Buzz123]

Houses in Las Vegas are selling like hotcakes. Last year was the second highest year in Las Vegas history for home sales. The problem is price. The median price is down to $136,000. That's great for investors, but bad for existing owners. People I know who are trying to buy homes are in bidding wars with investors. People want to own a home and think now they can afford one, but have to wait while the banks make everyone jump through hoops. Getting loans is hard too. I do believe that most of the closings are from cash sales.

Why do people who don't live here think they know all about what's going on here? They are clueless, but apparently are wringing their hands and smacking their lips like vultures waiting for something to die.

[007 license to sell]

Going back to what someone said that we would be another detroit if we didn't have the strip, in todays paper they covered a meeting with business leaders that are trying to get more diversification in Vegas. Because Vegas had put all their eggs in one basket it has hurt Vegas.

I am glad to see leaders looking at alternatives rather then relying on just the strip and construction. Granted that is what we're known for but we are in the 21st century and we need to diversify.

Check out the article:

LV economic foundations 'cracked,' report says

[dano]

What hasn't yet been discussed is how quickly can BofA move in accomplishing this and what will be the absorption rate. If absorption can keep with with what is being released, then prices will not be negatively impacted.