Vegas Free-for-All - Another Eulogy to Nevada's Housing Boom

Another Eulogy to Nevada's Housing Boom

chefantwon

Mar 18, 2011
7:26pm

Quote

Originally posted by: jatki99
I remember that time,I lived in beavercreek. We got hail the size of baseballs. As a 9 yr old i thought it was really cool and saved a bunch of them in our freezer. And it was tornado(s),5 I beleive touchdowned, pretty much flattened xenia.

J

J, it was like the Hulk came to town of Xenia and said "Hulk smash". Little wooden sticks all over the place, what was left of the town jut piled up in freaking huge piles of wood and brick.

mrmarcus12LVA

Mar 19, 2011
1:08am

Block User

Although it is not politically correct, I maintain that the change in our values over the past few generations (which many describe as a decline) is, to a large extent, due to the change in the structure (many would describe it as a decline) of our families, and the resulting change in the intimate society in which children are raised.

Human beings adapt to, and become part of, the society around them, and much of this occurs before age 7. Some end up maladapted to one extent or another, and if adaptation becomes more difficult, maladaptation becomes more prevalent.

The financial messes, the school massacres, the search for the quick fix. In short, the objectification of everyone and everything. We are simply reaping what we have sowed.

alexlifeson

Mar 19, 2011
5:29am

Block User

Quote

Originally posted by: mrmarcus12LVA
Although it is not politically correct, I maintain that the change in our values over the past few generations (which many describe as a decline) is, to a large extent, due to the change in the structure (many would describe it as a decline) of our families, and the resulting change in the intimate society in which children are raised.

Human beings adapt to, and become part of, the society around them, and much of this occurs before age 7. Some end up maladapted to one extent or another, and if adaptation becomes more difficult, maladaptation becomes more prevalent.

The financial messes, the school massacres, the search for the quick fix. In short, the objectification of everyone and everything. We are simply reaping what we have sowed.

Well said! It is unfortunate that the home's value has decreased by roughly 2/3. It is also unfortunate that too many people were allowed larger mortgages than they should have been given. I am not saying that is true in this case but it is in many others. It's part of the "wanting bigger and better" mentality without regard to financial responsibility.

MoneyLA

Mar 19, 2011
6:27pm

Block User

EVERYONE is at fault to some degree for the housing mess. The buyers are at fault for buying homes they could not afford, the lenders are at fault for enabling the buyers to buy homes they could not afford, and Wall St is at fault for getting sucked into the financing scheme that caused so many institutions to ultimately collapse and take the economy down with it.

No one gets away unscathed. homeowners who abandon properties and lose homes to foreclosure might escape some debts but they certainly lost initial investments, equity, time and credit ratings. they might also face big tax bills for the forgiven debts (and I will let the tax experts address that).

No one wins. Everybody is hurt.

the real question is if this is ever going to stop its down cycle?? now there is talk about letting the banks pay dividends again.

I dont know what the solution is. but I recall that one out of five jobs in our country has some link to the home building/real estate industry. and another one out of five jobs is linked to the auto industry. heck, thats 40% of jobs.

I have to say I was lucky. thanks to ex wife #2 who took me to the cleaners for a million smackers in 2001 I havent owned a house since 2002 so I missed this crash. and now that I am ready to buy again at what appear to be very attractive prices, Im afraid to.

VPRYDAR

Mar 19, 2011
7:57pm

Block User

I would love to bail from the area I live for a number of reasons. Would there be any positives to even consider moving to the Vegas area? I guess my question would be more like... What might an actual decent house with a yard go for? Maybe 10 to 50 miles out? No children involved. Would actually consider any place in the country that does not have severe winter weather.

alexlifeson

Mar 20, 2011
6:17am

Block User

Quote

Originally posted by: MoneyLA
EVERYONE is at fault to some degree for the housing mess. The buyers are at fault for buying homes they could not afford, the lenders are at fault for enabling the buyers to buy homes they could not afford, and Wall St is at fault for getting sucked into the financing scheme that caused so many institutions to ultimately collapse and take the economy down with it.

No one gets away unscathed. homeowners who abandon properties and lose homes to foreclosure might escape some debts but they certainly lost initial investments, equity, time and credit ratings. they might also face big tax bills for the forgiven debts (and I will let the tax experts address that).

No one wins. Everybody is hurt.

the real question is if this is ever going to stop its down cycle?? now there is talk about letting the banks pay dividends again.

I dont know what the solution is. but I recall that one out of five jobs in our country has some link to the home building/real estate industry. and another one out of five jobs is linked to the auto industry. heck, thats 40% of jobs.

I have to say I was lucky. thanks to ex wife #2 who took me to the cleaners for a million smackers in 2001 I havent owned a house since 2002 so I missed this crash. and now that I am ready to buy again at what appear to be very attractive prices, Im afraid to.

I'm sorry for your bludgeoning by ex-wife #2.

Don

Mar 21, 2011
5:28am

Block User

Quote

Originally posted by: bardolator2
I recently asked a realtor what the going rate would be for a non-canalfront lot in Cape Coral. She quoted me five grand. However, the lot used as an example was said to have real estate taxes of $1200 annually, so something somewhere does not make sense. This is a SWFL realtor we're talking about. Maybe Hiassen is right.
I would think it is the best possible time to buy in one of these depressed markets if one wished to actually live there. As an investment, no comment.

DonDiego has come across fresh news on the home-real-estate-front, . . . and it isn't good news.

Excerpts from Nearly 20% of Florida Homes are Vacant :
__On [March 17] the Census Bureau revealed that 18% -- or 1.6 million -- of the Sunshine State's homes are sitting vacant. Having this amount of oversupply on the market will keep home prices depressed and slow any recovery.
__In Florida, the worst-hit county is Collier -- home of Naples -- with a whopping 32% of homes empty.
__Lee County (Cape Coral) has a 30% vacancy rate.
__In Sarasota County, 23% of the housing stock sits vacant.
__And Miami-Dade County has a vacancy rate of about 12%.

__Arizona had a vacancy rate of about 16%.
__Nevada, the state with the nation's highest foreclosure rate, had about 14% sitting empty.
__In California, only 8% of units were vacant.

__Conclusion: "If you're buying in Florida for retirement, maybe you buy next year when prices will be near the bottom, after falling an additional 10%. If you're buying for investment -- don't." A Moody's real estate expert is quoted as saying Naples real-estate prices won't get back to the peak until sometime after 2030.

Oh, and by the way, as DonDiego has reported several times over the last few years, . . . sometime next month the next big surge of Adjustable Rate Mortgage resets, recasts and defaults is set to begin.

DonDiego says: "Good Luck !"

pjstroh

Mar 21, 2011
5:44am

Block User

Quote

Originally posted by: DonDiego

Quote
Originally posted by: bardolator2
I recently asked a realtor what the going rate would be for a non-canalfront lot in Cape Coral. She quoted me five grand. However, the lot used as an example was said to have real estate taxes of $1200 annually, so something somewhere does not make sense. This is a SWFL realtor we're talking about. Maybe Hiassen is right.
I would think it is the best possible time to buy in one of these depressed markets if one wished to actually live there. As an investment, no comment.

Perhaps one bright light is the large number of baby-boomers set to retire that can soak up many of those retirement homes at a faster rate than normal. But that presumes the boomers are indeed retiring - (many studies suggest the boomers are holding onto their careers to make up for lost portions of their nest egg during the recession). When they do retire they will soak up homes and free up jobs - and there are a whole bunch of them.

chefantwon

Mar 21, 2011
8:12am

Block User

PJ, I know of quite a few folks who's 401k dropped by more than $30k during the stock drop. I wasn't one of them and I've already made everything back and then some.

Don't be thinking just what DD has listed is bad. Here in Ohio, I've seen as many as 20 houses for sale just on 1 block, and we were one of those places the teachers protested about wages.

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