Vegas is goign down in flames..

[dabrockster]

Man. I would of hoped the foreclosure issue would of been doen by now but it looks like they will have at least another 2 years of this as over 2.5 trillion in mortgages are due to reset from the 0-interest rate..

YIKES!!

http://www.lvrj.com/news/breaking_ne...-79330407.html

[falafel]

This comes as a surprise to me, a Las Vegas resident. The article talks about a 16% decrease in asking prices for homes, with lots of inventory. Perhaps these are homes in other neighborhoods, because I haven't seen this sort of thing much where I live. Prices seem pretty constant from about a year ago when I bought my home.

[Fiyero]

Meanwhile, The Strip's newest SuperCasino/Resort opens today. 61 stories, 4000 rooms, 8.5 billion.

http://www.lasvegassun.com/news/2009...-public-debut/

[dabrockster]

This comes as a surprise to me, a Las Vegas resident. The article talks about a 16% decrease in asking prices for homes, with lots of inventory. Perhaps these are homes in other neighborhoods, because I haven't seen this sort of thing much where I live. Prices seem pretty constant from about a year ago when I bought my home.

That seems weird. My Buddy lives in Vegas and he is under his mortgage about $80,000. All the homes in his area are selling for about $100,000 less then what he got his for. He bought at the height of the Housing Boom..

[falafel]

That seems weird. My Buddy lives in Vegas and he is under his mortgage about $80,000. All the homes in his area are selling for about $100,000 less then what he got his for. He bought at the height of the Housing Boom..

Yes, that is certainly still true. I should have noted that I bought my house last year new. Literally 1 year and 7 days ago. Most of the houses in my neighborhood have not decreased in value over that time, although some of them had already decreased a whole lot before I bought.

What I'm really trying to say is that it seems odd to me that prices have continued to fall, since I haven't noticed prices falling or inventory increasing in the last year.

For people who bought in 2005, yes they will still be way under water.

[dabrockster]

Yes, that is certainly still true. I should have noted that I bought my house last year new. Literally 1 year and 7 days ago. Most of the houses in my neighborhood have not decreased in value over that time, although some of them had already decreased a whole lot before I bought.

What I'm really trying to say is that it seems odd to me that prices have continued to fall, since I haven't noticed prices falling or inventory increasing in the last year.

For people who bought in 2005, yes they will still be way under water.

It is interesting.. Where I live, Columbus, Ohio has felt the foreclosure as well. But it is in pockets of certain areas. Mostly new builds where the builder put a ton of people in risky 3 to 5 year ARM's.. Those areas have gone way down. Between $30,000 to $80,000.


But where I live, they have not felt any prices fall at all or very minimal.. Maybe in the area of $10,000 to $20,000 in the winter time, but the prices go back up.. It is a strong city and most of the owners are settled and have owned their mortgages for over 10 years... Those who are looking to sale will make a profit and if they don't like the offers they are getting. They just don't sell.

[RC Vikings]

Meanwhile, The Strip's newest SuperCasino/Resort opens today. 61 stories, 4000 rooms, 8.5 billion.

http://www.lasvegassun.com/news/2009...-public-debut/

In an interview after the ceremony, Baldwin said CityCenter would have to generate $4.5 million of revenue a day for CityCenter to maintain annual cash flow of $500 million. He doesn’t expect to reach maximum productivity for 1½ to two years.

Finding $4.5 million out there every day shouldn't be to hard. As far the LV housing market I've got a friend down there that says his friend has not made a payment on his home in six months and hasn't heard a word from anybody. He thinks the system is so backed up that can't respond to everybody and he thinks they feel an occupied home is better then an empty one.

[dabrockster]

Finding $4.5 million out there every day shouldn't be to hard. As far the LV housing market I've got a friend down there that says his friend has not made a payment on his home in six months and hasn't heard a word from anybody. He thinks the system is so backed up that can't respond to everybody and he thinks they feel an occupied home is better then an empty one.

I wonder how many people are taking the same approach.. My Buddy is faithfully making his payments. But he says it is like flushing it down the toilet..

If I was in his position, I would be severely tempted to do what your friend is doing and just save the money or pay off all other debts......

[New Mexican Disaster]

I spoke with a real estate agent from Lodi, CAlifornia the other day which is experiencing the same sort of thing. She said they were advising people who are deeply underwater to either walk or to just stop paying as they are seeing people requalify after 2 or 3 years.

I was a little taken aback by her saying that they advise people of this. Talk about moral hazard.

[byu71]

I have a friend who has a deveopment project in St. George. He wanted to sell all the lots to a builder in '06, but his partner wouldn't do it. Now both of them are under water.

He has one house left and is beggin me to buy it. Another friend bought one similar across the street for $410,000 2 years ago and I can get this one from the bank for $300,000. I wish I knew if this was the bottom.

I really don't plan on starting to live the winter months in St. George for another 3-4 years, so I can wait.