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Originally posted by: billryan
I think your figures are off. 80% of the homeowners who have loans may be underwater, but thats not the same as 80% of the homeowners. Many, many people moved to Vegas and paid cash for their homes during the boom. There are also many long time residents living in homes paid off years ago.
Originally posted by: billryan
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Originally posted by: esteskefauver
You best know what you're doing if you buy at auction. If you don't it will be like playing high stakes poker with Hellmuth, Ivey, Negreanu, etc. You could come out ahead, but the odds are you get taken to the cleaners. If one doesn't have a lot of experience pre-foreclosure is probably the way to go. The houses close to $100k aren't coming down much more. The $200k and $300k homes will continue to drop. 80% of Las Vegas homeowners are underwater. Almost 100% of homeowners who bought in the last 10 years or so are underwater.
I think your figures are off. 80% of the homeowners who have loans may be underwater, but thats not the same as 80% of the homeowners. Many, many people moved to Vegas and paid cash for their homes during the boom. There are also many long time residents living in homes paid off years ago.
The figures are correct according to this article.
https://www.lasvegassun.com/news/2010/nov/11/report-80-percent-las-vegas-homeowners-underwater-/