Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-10-2007, 09:20 AM
 
Location: New York, NY
307 posts, read 928,369 times
Reputation: 81

Advertisements

Credit crunch hurts housing

By Brian Wargo / Staff Writer

Meritage closed its model homes at the master-planned community of Inspirada in Henderson.

Moderator cut: copyrights

Last edited by Yac; 12-07-2007 at 06:44 AM..
Reply With Quote Quick reply to this message

 
Old 08-10-2007, 11:57 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,232,779 times
Reputation: 2661
Quote:
Originally Posted by SHEPNYC View Post
Largest Foreclosure Auction in Las Vegas History

Aug 6, 2007 12:00 AM EDT

It is the largest single home foreclosure auction in Las Vegas history.

Moderator cut: copyrights
That was not an absolute auction. Those are simply bids to be considered by the bank who is in no way required to accept them.

It will be interesting to see how many did actually sell and if anyone got a good deal.

I have no idea where Joe I got the idea it was absolute but it was not. Otherwise all would have sold.

Last edited by Yac; 12-08-2007 at 02:45 AM..
Reply With Quote Quick reply to this message
 
Old 08-10-2007, 12:16 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,232,779 times
Reputation: 2661
As of the 9th of August we have 279 SFR sales with a median price of $315K. The average is way up but there were a couple of huge sales so we can discount that.

This fails to support a hard price break. So maybe the sellers have not blinked.

Fascinating...something has to give and nothing does.

Ohhh and to the turkey who thinks this is "Brooklyn Bridge selling" - The problem with many bubble bursters is that they are so stupid and opinionated they fail to relate to reality. The numbers are what they are...not what I want them to be...That they don't align with your preconceived and wrong notions is not the numbers problems or mine.
Reply With Quote Quick reply to this message
 
Old 08-10-2007, 01:13 PM
 
89 posts, read 297,668 times
Reputation: 25
Default I'm loving it

A graph of the Las Vegas bust in action:
las+vegas+graph.jpg (image)

from this blog:Bubble Markets Inventory Graphs

The credit bubble bust is undeniable now. The middle class that demanded a welfare state will now revert to the poverty they deserve.
Reply With Quote Quick reply to this message
 
Old 08-10-2007, 02:28 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,520,680 times
Reputation: 7615
Quote:
Originally Posted by olecapt View Post
As of the 9th of August we have 279 SFR sales with a median price of $315K. The average is way up but there were a couple of huge sales so we can discount that.

This fails to support a hard price break. So maybe the sellers have not blinked.

Fascinating...something has to give and nothing does.

Ohhh and to the turkey who thinks this is "Brooklyn Bridge selling" - The problem with many bubble bursters is that they are so stupid and opinionated they fail to relate to reality. The numbers are what they are...not what I want them to be...That they don't align with your preconceived and wrong notions is not the numbers problems or mine.
So Capt...I enjoy your posts, all loaded with facts and stats...and I think I really believe that you're correct...that it won't happen. But, worst-case scenario...let's just imagine for a second that it does come crashing down...what would it all look like?
Reply With Quote Quick reply to this message
 
Old 08-10-2007, 02:52 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,232,779 times
Reputation: 2661
Quote:
Originally Posted by jfkIII View Post
So Capt...I enjoy your posts, all loaded with facts and stats...and I think I really believe that you're correct...that it won't happen. But, worst-case scenario...let's just imagine for a second that it does come crashing down...what would it all look like?

Well from the view of an RE Agent this is very close to worse case. If it gets much slower we are really going to hurt big time.

We do not care much about price. If the market dumped and pricing dropped 25% we would likely have a very good time A vast set of new buyers at the bottom to allow the move up buyer to sell and buy. Note that it has little effect on the move up buyer because the target house comes down as strongly as the one being sold.

Be a disaster for a certain class of buyer who is suddenly 25% or more underwater. Those though are likely still a small percentage of the homes in the valley. Most will still be above water and some people below water will simply wait it out.

So really only those very hung out on over reach purchases will be hurting. Mostly locals. Mostly owner occupied. I would think though they will either survive or walk. And if they walk the home will resell like any other.

People who have a large percentage of their net worth in their house just lost a who lot of their net worth. Generally a paper loss though.

The basic vigor of the LV economy would come through. In a couple of years you would never know it happened.
Reply With Quote Quick reply to this message
 
Old 08-10-2007, 03:27 PM
 
Location: Santa Monica
4,714 posts, read 8,466,493 times
Reputation: 1052
The chart provided by Mr. Sunshine is actually telling you the parameters of the present situation. Look at the sales bars (let's assume an average of about 2,500 units per month from July 2005 to Dec 2006, and assuming that about two-thirds of which are single-family homes). That's 18 months of about 1,900 single-family homes sales = 32,400 transactions. Let's also assume that many/most of these sales, having taken place very late in this cyclical real-estate run-up, used below-prime mortgage instruments. As of right now (realtor.com) there are about 15,000 single-family homes on the market via MLS, with another 8,000 or so condos and other. That 15,000 homes figures is just under 50% of the 32,400 transactions I came up with above. And we also know that there are more than 10,000 homes and condos presently vacant, which leads one to believe that those were predominantly investor-owned units. So, I would reason from all this that we are probably seeing just about the worst of the entire situation right about now and for the next 12 months, given also that there are 2,000 to 4,000 RE transactions per month right now taking in Vegas.

The open question is how many more (beyond the 15,000 homes already on the market today) of those 32,400 transactions will come onto the market in the next 12 months due to blown-up adjustable rate mortgages.

Last edited by ParkTwain; 08-10-2007 at 03:53 PM..
Reply With Quote Quick reply to this message
 
Old 08-10-2007, 04:24 PM
 
Location: las vegas
229 posts, read 815,233 times
Reputation: 56
ParkTwain, according to a RJ article, Realtors Group Reports More Homes Are For Sale (Aug. 7) there are 24,087 sfr on the market and 1,318 sold in July. More frightening is the 6,269 condos listed, and only 303 July sales. Try your what-if scenario again with these numbers. The trends aren't getting any better either, instead they are still getting worse. I don't think anyone knows what's going to happen yet, and what the bottom line will be. Investors are still debating the impact that all those cheap loans will have, but they mostly agree that loans are harder to get and will remain so in the future. Another problem that will help determine what prices will be is how leveraged Americans really are. It seems that no one is liquid anymore and has no assets. All of this has to have an impact on home prices. Las Vegas was aided by all the investors and wanna-be investors so we'll see where future home-buyers come from. Personally, I think we have a long ways to go before we see the bottom, but I hope I'm wrong. What do I know though. I just read the news.
Reply With Quote Quick reply to this message
 
Old 08-10-2007, 04:51 PM
 
Location: Santa Monica
4,714 posts, read 8,466,493 times
Reputation: 1052
Quote:
Originally Posted by ackackack View Post
ParkTwain, according to a RJ article, Realtors Group Reports More Homes Are For Sale (Aug. 7) there are 24,087 sfr on the market and 1,318 sold in July. More frightening is the 6,269 condos listed, and only 303 July sales.

Those numbers don't jibe with Realtor.com. I doubt that there are 8,000 FSBO homes in Vegas right now. This is why I give little credence to the actual numbers coming out of the local RE industry. I was also talking about an AVERAGE number of transactions per month over a particular 18-month period.

You also should take EVERYTHING in the RJ with a large grain of salt. Horrible newspaper, with horrible reporting of facts. It is basically a PR organ. Practically no independent fact-checking on their stories. If the police, a politician, or business owner said it, that's the fact. What a monumental joke!

Last edited by ParkTwain; 08-10-2007 at 05:25 PM..
Reply With Quote Quick reply to this message
 
Old 08-10-2007, 06:22 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,232,779 times
Reputation: 2661
Be careful using Realtor.com for numbers. There are a whole lot of rules about what Realtor.com gets and does not get.

As of now there are 22,000 plus SFRs on the market.

GLVAR publishes the sales statistics for SFRs and Condo/Townhouses monthly...See...

http://www.lasvegasrealtor.com/stats/Statindex.htm

They also publish the monthly inventory for both but I do not know if they are publicly accessible. I will find out and provide a link if it is allowed. The GLVAR supports the 22,000 plus numbers. I actually have the numbers from every two or three days for the last year...I do not do my numbers the same way GLVAR does so they vary by a couple of hundred.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2022 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top