[MovinOnNow]

Originally Posted by wj94

I just started renting a house in Summerlin and couldn't find one good house for less than $1400/mo that had a pool. Most were $1500-1800/mo. Where exactly are you renting out that a single family house with pool is only $800/mo with no applicants?

Part of a comment on this topic at http://www.doctorhousingbubble.com/d...vegas-rentals/

"As a Realtor in LV and a researcher into the biggest bank ponzi scheme ever perpetrated in world history I have an opinion on this topic. I completely agree w Dr Housing Bubble! The rents will have to come down. I have been advising my cash buyers to wait a little because the 80 k house of today will be the 65 k house this year. I also am not trying to get 1000 a month for a rental. don’t chase the market down and pay on the way. "

read the rest & other comments....very interesting

[WestieJeff]

You're advising that 80k homes are going to drop 20% in the next year? Hopefully they don't pay you for this "advice". The under 100k market is easily the most active market segment with most homes that aren't total garbage having multiple offers and going over list.

And the median price drop has been ~10% YOY for the last couple years. That's going to accelerate to 20% drop for the most active and competitive market segment?

Umm.. yeah...

Originally Posted by MovinOnNow

Part of a comment on this topic at Doubling down on rentals

"As a Realtor in LV and a researcher into the biggest bank ponzi scheme ever perpetrated in world history I have an opinion on this topic. I completely agree w Dr Housing Bubble! The rents will have to come down. I have been advising my cash buyers to wait a little because the 80 k house of today will be the 65 k house this year. I also am not trying to get 1000 a month for a rental. don’t chase the market down and pay on the way. "

read the rest & other comments....very interesting

[eventusstultorummagister]

Originally Posted by WestieJeff

You're advising that 80k homes are going to drop 20% in the next year? Hopefully they don't pay you for this "advice". The under 100k market is easily the most active market segment with most homes that aren't total garbage having multiple offers and going over list.

And the median price drop has been ~10% YOY for the last couple years. That's going to accelerate to 20% drop for the most active and competitive market segment?

Umm.. yeah...

The banks are holding a HUGE inventory, if allowed, real supply and demand would be crushing these house prices.

[Bideshi]

Originally Posted by eventusstultorummagister

The banks are holding a HUGE inventory, if allowed, real supply and demand would be crushing these house prices.

The "if allowed" part is the key. They are holding back inventory to keep the bottom from dropping out. How long they can keep it up is a big question.

[acetic3]

This thread is mostly nonsense.

The Las Vegas rental scene has rented over 2000 a month now for a couple of years. Rents have been stable for 18 months. That is from the MLS so there actually are a lot more.

Rents have exceedled listings for the last two years.

The lenders own about 6,000 homes. The present foreclosure inventory is less than a month. At best rate the lenders can process about 2300 foreclosures a month. There is really no way for anything scarey to happen. And know they are not going to sell some huge number to an REIT. The only ones who have that level of inventory are the Fannie and Freddie.

Prices continue down as long as the lenders force them that way. It is reasonably insane to have dropping prices with evaporating inventory.

[WestieJeff]

And if dogs could talk! ...

Originally Posted by eventusstultorummagister

The banks are holding a HUGE inventory, if allowed, real supply and demand would be crushing these house prices.

[TheGreatCurve]

Originally Posted by Bideshi

The "if allowed" part is the key. They are holding back inventory to keep the bottom from dropping out. How long they can keep it up is a big question.

The banks have to get rid of these foreclosures sooner rather than later. They can't just keep holding on to them because of the carrying costs they have to pay while hanging on to them - e.g., property taxes, HOAs, upkeep, etc. Banks are not in the property management business. They are in the cash management business.

[airics]

Nahh. They would just get another bailout if they had to. The shadow inventory isnt coming for awhile

[eventusstultorummagister]

Originally Posted by WestieJeff

And if dogs could talk! ...

All the banks are doing is buying time, there is no solution and it's just a matter of time. We are inching ever closer each day and the big question remains... what will finally tip the boat?
Keep an eye on Greece and the European union.

[WestieJeff]

??? Forget about the banks, who is the investor? They are the ones who make the decisions on the loan, most banks are merely servicers who act at the desires of the investors. The vast majority of loans are owed by Fannie/Freddie who have essentially a unlimited line of credit from the US Govt. Not a whole lot of time pressure there. Right or wrong, I don't see any flood of homes hitting the market, rather just continuation of what is already being done. The "flood" has been predicted to hit the market for years now.

The reality is right now foreclosures are WAY down YoY (-40%), probably due to the new law, but the reality is it is still down and is creating new supply/demand dynamics.

Originally Posted by eventusstultorummagister

All the banks are doing is buying time, there is no solution and it's just a matter of time. We are inching ever closer each day and the big question remains... what will finally tip the boat?
Keep an eye on Greece and the European union.