Hubbsy Bubbsy wrote on October 10, 2009 11:39 PM: I get such a kick out of these doom and gloom losers. How do you jokers manage to get out of bed in the morning?

When the economy is completely destroyed (the dollar IS going to collapse, it's been engineered to), then you better hope you have something besides paper.

Gold and real estate are two excellent choices.

You're money and stock certs won't be worth the paper their printed on.

Scammers wrote on October 10, 2009 04:48 PM: WARNING. BEWARE.

Vegas is currently afflicted with price quotation fraud.

Realtors are complicit with Banks in quoting low ball prices on the MLS. Properties cannot be bought at the REO advertised price because brokers and banks are in fact baiting buyers into blind auctions.

Buyers agree to pay the full asking price and find the listing agent has been calling buyers asking them to up their price as the sale is now an auction.

It's a bait and switch scam. It's illegal and many realtors and banks are going to find themselves on the end of law suits.

JR wrote on October 10, 2009 03:58 PM: High unemployment + low gaming numbers + expiring tax credit = LOW DEMAND. Watch as the housing numbers plummet in the next few months.

Joanne wrote on October 10, 2009 03:58 PM: I am currently an unemployed Mortgage Underwriter with over 35 years of experience and having lived here for the past 20 years I can tell you first hand that FRAUD played a huge part in the real estate economy here. I actually got fired from two major lenders in Las Vegas because I would not just sign my name on loans that were blatanly fraudulant. The philosophy being this is VEGAS. Said it would happen and it did Subdivisions in foreclosure (Builder owned mortgage companies- just get the inventory of the books and dump it on someone else. There are Mortgage Brokers that made a killing charging higher interest rates and fees not even counting the Service release premium which easily amounts to thousands of dollars on each loan. The current Commisioner of Mortgage Lending was the CEO of New Century Mortgage one of the Largest Subprime lenders that went Bankrupt what has he been doing to prosecute anyone involved?? Ironically I moved here 20 years ago because the same thing happened back east. The "recession" hasn't even hit bottom yet, what about all the 5yr ARMS that are due to rest?? Can't even refinance because everyone is so upside down with values. On my street alone there are houses that sold between $240,000 down to the most recent last month of $93,000.(this house sold 5 yrs ago for $125,000. Vegas is in big trouble with the worse to come.

VegasSucks wrote on October 10, 2009 02:22 PM: Ten years for our homes to return to their 2006 peak levels?

According to the experts, that's about the time Lake Mead is going to be completely empty.

So the good news will be that no homeowners will be underwater; the bad news will be that there won't BE any water.

John wrote on October 10, 2009 02:06 PM: tHIS IS JUST A BUMP ALONG THE WAY FOLKS.

It may go up but if it does so will everything else except pay which is inflation: which will lead to a depression.

The last thing you want is rising home prices.

Anyway, its primarily investors again and they are going to screw it up for all of us again.

Don't get me wrong I just bought my townhome for $50K and I hope prices do go up but without inflation. And that seems unlikeley

from another page of same news wrote on October 10, 2009 10:17 AM: Fri, Oct 9, 2009 (3 a.m.)
Click to enlarge photo

Steve Marcus

John Restrepo of the Restrepo Consulting Group speaks during a NAIOP seminar on Oct. 2. Restrepo expects third quarter numbers to come in at a 22 percent vacancy rate for office, 9.7 percent for retail and 13 percent for industrial.
Sun Topics

* Real Estate in Crisis

Sun Coverage

* More stories about business and the economy

The bad news is easy to see: tourism is down, casino floors are empty,vacancy rates continue to rise, rents keep dwindling and the potential exists for a large number of foreclosures to hit the market.


wow, what spin doctors won't do for a nickel

TREV wrote on October 10, 2009 08:58 AM: Quick personal facts from past housing bust: bought a townhouse in NJ in 1984 for $112k, went up to $180k in '87, and dropped to $124K in '89. It wasn't until 1999 did same property go back to $180k. I learned my lesson and understand RE has a long cycle with considerable penalties and rewards, depending on one's entry point. Just closed on my fourth home in Vegas in past four months.

Inflation = home value up? wrote on October 10, 2009 08:02 AM: But what about the theory that excess spending (printing) in Washingon will lead to inflation, such that it will cost MORE to buy a home, meaning home prices go UP?

Clueless Idiot wrote on October 10, 2009 07:45 AM: It won't take anywhere near 20 years for prices to recover because of the Obamaflation. Even the massive tax increases won't be enough to pay for all the spending and they will end up creating way too much money. Here's a future quote from Harry Reid: "Gee, I sure hope we can get this inflation under control."
Real estate and gold are the places to be long term.

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