[jfkIII]

debt forgiveness bill, passed by the House of Reps on 10/4/07:

http://waysandmeans.house.gov/media/...20Summary4.pdf

[olecapt]

This is all getting a little scrambled.

Nevada is a Title state and generally uses non-judicial foreclosure. Non-judicial foreclosure does not allow for deficiency judgements. The bank can however file a further action to get such a judgement. The almost never do this.

The bank can foreclose and get a deficiency judgement. Very rare.

This is different than the recent relief passed by congress. That protects you from the IRS coming after money forgiven by the banks as income.

[airics]

however a foreclosure still destroys credit correct?

[VegasResident]

Originally Posted by airics

however a foreclosure still destroys credit correct?

yup foreclosure will harm your credit rating.

[VegasResident]

[quote=Eric Young;2506813]The difference is that the properly-priced homes are being sold by the banks...the improperly priced homes are being sold by humans (that bought two years ago for $375k and above).

/QUOTE]
When you say properly priced, do you mean properly priced to sell now as in they represent the market now or do you mean they are the market for Las Vegas going forward? I would think that they true future market price is somewhere between the humans and the banks.

[Eric Young]

Originally Posted by VegasResident

...do you mean properly priced to sell now as in they represent the market now or do you mean they are the market for Las Vegas going forward? I would think that they true future market price is somewhere between the humans and the banks.

A "properly priced" home is one which is likely to sell under current market conditions.

Future prices are a matter of opinion and conjecture (I’ve expressed my views on this elsewhere on this board) and a property that is either discounted in anticipation of future price declines or offered at a premium in anticipation of future price increases is, by definition, not properly priced.

One can agree or disagree with whether a property is properly priced but, at the end of the day, the market makes the determination. A typical home that is properly priced will generate 3 to 6 qualified buyers viewing it each month. At that pace, it will sell at nearly full price within 2 months about 50% of the time and within 5% of full price within 6 months 85% of the time.

An improperly priced home that is offered below current market values will generate too many buyers within the first month; a home improperly priced too high will go months with few or no buyers even looking at it.

The formula varies for homes at either end of the bell curve, as well as for attached homes or multi-family dwellings, but market response to pricing is fairly easy to measure and offers the best method of evaluating one’s original assessment of sales price.

[SHEPNYC]

Stock Market down 2000 points in 5 months, residential real estate in the dumper, value of the dollar at historic low, gasoline over $3 a gallon, now it commercial real estate's turn.

Yesterday, Ian Bruce Eichner, the developer of a twin-tower casino resort in the heart of Las Vegas, defaulted on a $760 million loan from Deutsche Bank AG after he failed to get refinancing.

Check out the article below:

Free Preview - WSJ.com

[jfkIII]

Originally Posted by SHEPNYC

Stock Market down 2000 points in 5 months, residential real estate in the dumper, value of the dollar at historic low, gasoline over $3 a gallon, now it commercial real estate's turn.

Yesterday, Ian Bruce Eichner, the developer of a twin-tower casino resort in the heart of Las Vegas, defaulted on a $760 million loan from Deutsche Bank AG after he failed to get refinancing.

Old news, Shep...Sheriff already reported it in his Cesspool thread. But big news just the same. When this starts happening, it tends to spread...which could spell disaster for our friends out west!

[dude66]

Home Sellers' Pain Is Renters' Gain
Thursday, January 17, 2008

EXCERPT:

"There's one bright side to the housing crisis: some lower rents.

The regions hardest hit by the housing downturn have seen ailing builders, rising foreclosure rates and a glut of unsold homes, amid other signs of distress.

Vacancies have risen in 29 markets in the fourth quarter of 2007, including Las Vegas, Palm Beach, Memphis, Orange County, Calif., and Orlando, according to Reis Inc., a New York real-estate research firm. Ron Witten, a Dallas-based housing analyst, estimates there are 760,000 vacant condos and homes for sale nationwide beyond what the market could normally carry, in addition to a surplus of 350,000 vacant rental properties.

Behind the trend are tens of thousands of unsold condominium units that are being dumped on markets such as South Florida, Las Vegas and Phoenix. While thousands of single-family homes also are coming on the market, renters prefer condos to houses, which typically have more expensive upkeep. "Tenants have to pick up more of the bills," says Artur Ciesielski, a Phoenix real-estate agent."



http://finance.yahoo.com/real-estate...fCZQmqPbK7YWsA

[olecapt]

Originally Posted by dude66

Home Sellers' Pain Is Renters' Gain
Thursday, January 17, 2008

EXCERPT:

"There's one bright side to the housing crisis: some lower rents.

The regions hardest hit by the housing downturn have seen ailing builders, rising foreclosure rates and a glut of unsold homes, amid other signs of distress.

Vacancies have risen in 29 markets in the fourth quarter of 2007, including Las Vegas, Palm Beach, Memphis, Orange County, Calif., and Orlando, according to Reis Inc., a New York real-estate research firm. Ron Witten, a Dallas-based housing analyst, estimates there are 760,000 vacant condos and homes for sale nationwide beyond what the market could normally carry, in addition to a surplus of 350,000 vacant rental properties.

Behind the trend are tens of thousands of unsold condominium units that are being dumped on markets such as South Florida, Las Vegas and Phoenix. While thousands of single-family homes also are coming on the market, renters prefer condos to houses, which typically have more expensive upkeep. "Tenants have to pick up more of the bills," says Artur Ciesielski, a Phoenix real-estate agent."



http://finance.yahoo.com/real-estate...fCZQmqPbK7YWsA

Don't see that in Las Vegas. Rents are up about $100 year over year for condos and SFRs. Pretty clear too. There also has been no appreciable rise in inventory. May well be because we never did have a glut of condos in this market. Lots of houses fewer condos. And we have a robust renters market.