predicting the bottom of the housing market in LV is much more difficult than in other cities because of the population explosion, the effectual loss of disposable income around the country, and the number of people who are stubbornly attempting to rent their homes out for whatever their mortgage is.
just look at craigs list. it's ridiculous. i dont care if you bought and signed up for a $1475/month payment in the Southwest!, it's still a 3/2/2 ranch that hasn't been updated since it was built and is worth about $150K.....the same house you paid $260,000 for two years ago and now think if you stick it on c-list it'll eventually rent. ha. haha. hahahahaha!
****ing flippers get your just deserts! oh i got a good credit score and assets on paper that make me rich and i can call a contractor and a banker and flip this house for $50K in six weeks while whizing around town in my leased range rover and self medicate with my amex......****ing ******s.
i think it could be anywhere from a year to two years before this market hits rock ass bottom, and it will probably be the last housing market to bottom in the country.
That Cnbc article is completely accurate. I've put in over 15 offers for houses. Conventional loans, some FHA. Good, legitimate offers. The banks sell to the cash buyers. Also houses go on the market for one weekend and are sold immediately. I had 3 or 4 houses where I put the offer in on Monday and was rejected because they already stopped accepting offers.
I started looking at condos but banks won't give me a loan; even when I'm putting 20-30% down and have a credit score above 700. Something about the occupancy rate having more than 50% renters.
It's gotten so bad I've given up. It's so odd. How can this be a buyer's market when demand is so ridiculously high?
Instead I've decided to buy a round-the-world ticket. Philippines here I come!
