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Be Ready to Pounce When You Find the Right Home
ROBIN CAMACHO said: Hey, Clark. I guess you haven't been with us for long...welcome aboard! I'm not really much in to sp...   [More]

Be Ready to Pounce When You Find the Right Home
Clark said: There is no doubt that Robby didn't have his ducks in a row, but the question is who is to blame? In...   [More]

Be Ready to Pounce When You Find the Right Home
Roger said: In defense of Robin I would say that with all due respect, Robby didn't have his ducks in a row. I ...   [More]

Be Ready to Pounce When You Find the Right Home
Clark said: Why didn't you inform Robby that he needed the statement ahead of time? Isn't that your job? Also fo...   [More]

Las Vegas House Prices Have Likely Hit Bottom
ROBIN CAMACHO said: Thanks for the comment, Steve. You are right about fuel costs--scary. However, this factor has not d...   [More]

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Las Vegas Housing Prices Will Bottom Out Soon

Posted At : March 24, 2008 12:00 PM | Posted By : Administrator
Related Categories: Current

Things are looking up in the national housing and financial news this morning. Housing sales are up for February. Of course, readers of this blog have known since early in February that houses are selling in Las Vegas, thanks to my valuable research. However, the news that housing sales are up nationally came as a surprise to most investors.

If you've been reading since this blog's inception, you'll recall that I predicted the February rise back in early January. I first predicted the bottom of the market in terms of sales back in early December, before my blog existed.

I suppose it would be cool if I could provide you with the same cutting-edge research for the national real estate market. But then, this is Vegas, baby! This is the city loved around the world. Why would you buy your vacation or retirement home anywhere else?

More good news: Federal Home Loan Banks were given the go-ahead today to purchase up to $150 billion more in mortgage-backed bonds. All of these signs bode well for the Las Vegas housing market. More mortgages = more demand. More demand will = higher prices in the not-too-distant future.

My clients holding Bear Stearns stock this morning can breathe a little sigh of relief. No, you're not getting your $30 per share back. But $10 is better than $2.52.

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Comments
John's Gravatar Robin, you talk about vacation and retirement home sales; have you seen an increase in non-U.S. buyers? With the dollar so low versus other currencies has
anyone focused on the foreign buyer?
# Posted By John | 3/25/08 2:01 AM
Deb's Gravatar I was very happy yesterday when I read your article, I thought there may finally be a light at the end of the tunnel. Today however I get on and read the Yahoo news where it says

"WASHINGTON - Sales of new homes fell in February for the fourth straight month, pushing activity down to a 13-year low as the steep slump in housing continued."

It goes on to say that Jan & Feb had the highest inventory level of homes and that it reflects the increase of number of mortgage foreclosures. It did give percentages of how far down the sales of homes were by North, South East and West and West did have the lowest percent of 0.7%.

I find your article more promising that this one, but I am confused on which one to believe. Or is Yahoo News just another venue to report the doom and gloom heaven knows nobody can report anything positive these days. Your Blog is much more promising then these new stories you read and hear.
# Posted By Deb | 3/26/08 9:56 AM