Thursday, July 9, 2009

This article needs the housepricecrash guys to leave comments on their website

Las Vegas breaks record for monthly homes sales

come on guys help me out on their website, 2 agents are trying to make out we are all idiots and agents never lie...

Posted by mark @ 04:52 PM (1148 views)
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9 thoughts on “This article needs the housepricecrash guys to leave comments on their website

  • Of course realtors and estate agents try to talk up the market but the article does state that:

    “Prices have fallen 38 percent since June 2008 and 55 percent since the peak of $315,000 in June 2006.”

    Also “The median price of town houses and condos sold in June was $66,000, a 1.5 percent increase over May. The price is 52 percent below where it was a year ago.”

    I would be very happy to have equivalent pound sterling to $66,000 median prices in this country. Not knowing anything about the Las Vegas market all I will say is that employment prospects, local property taxes and rental equivalents would be major considerations but I don’t understand why you are so concerned with what’s happening across the ocean.

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  • quiet guy

    why am I concerned, because if there market picks up then you can expect the same here, after all it started there… secondly i work over there every few months and see a very different picture of empty malls, empty houses etc, yet the las vegas sun newspaper is run by the greenspun family who are major property owners in Las Vegas / Henderson

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  • Mark,

    At the risk of sounding like an estate agent, I think the American market is very different to ours and we will have our own particular problems to grapple with. Your comment about “empty malls, empty houses” is interesting. I suspect that America is headed for a very serious economic problem and housing will usually be a bad ‘investment’ for a long time but buying a property for a living space may become more feasible which is exactly what I want to see happen here.

    P.S. You might find Charles Hugh Smith’s blog interesting. Smith has been writing about the American economy for years and predicted the housing crash, among other main events, and still has lots of ideas about America’s future.
    http://www.oftwominds.com/blog.html

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  • This has nothing to do with Charles Hugh Smith’s blog, and everything to do with foreclosures. Las Vegas is the foreclosure capital of the USA, and most of these homes are foreclosures. Most of the other sales are as a result of individual owners, and new home builders, reducing their prices to realistic levels, to compete with foreclosures.

    The main reason this is not happening in UK is because, unlike USA, people cannot just walk away from “down under” homes and mail the keys to the bank…

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  • @Whoever

    “This has nothing to do with Charles Hugh Smith’s blog, and everything to do with foreclosures.”

    Well excuse me for having the temerity to recommend a website to Mark. As it happens, CHS’s blog has discussed the mechanisms of the American housing market on numerous occasions and he will almost certainly continue to do so. Also, believe it or not, most regular HPC readers aleady know about the difference between recourse and non recourse mortgages.

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  • I’ve read the blog, and repeat, it has nothing to do with Las Vegas house sales statistics for last month.

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  • @ Mark: The USA is about 18 months ahead of the UK. Now is the time when the USA market is picking up – house prices are back at 2001 levels over there – The average house in Las Vegas is now $140,000 = £ 86,000

    There is a saying that when the USA sneezes the UK catches a cold – so lets look forward to 18 months time when we can have houses at 2001 prices

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  • The median price quoted in the article was $66,000!

    At that price they would sell like hot cakes over here.

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  • @Whoever

    “it has nothing to do with Las Vegas house sales statistics for last month.”

    I never said it did. I just suggested that Mark “might find Charles Hugh Smith’s blog interesting.” You are refuting an assertion that I never made.

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