First the low end got taken out with the subprime change - thus screwing around with the median determine data. But now the high end is getting taken out by the fact that getting a Jumbo ($417,000 or greater) is damn near impossible. Poor KB Home. Poor Toll Brothers. Nobody to buy your overpriced ugly prefab homes anymore... Here's the latest from housing meltdown Las Vegas - I'm heading there next week desire I had time to journey the alter knell neighborhoods. We'll see... Newsweek - The New Money Pit It started with subprime mortgages. Now owners of McMansions are defaulting and the effects of the housing destroy are beginning to ripple through the economy. Walking through the gated community of color Mountain Vista on a hill in Henderson. Nev.. Thomas Blanchard offers a guided journey of real-estate woe. A row of stucco duplexes that recently sold for as much as $500,000 sit empty. "That's a repo," the real-estate agent says as he stands in front of 678 Solitude inform Avenue. Then he points to the adjacent houses where color patches absorb the spartan lawns and phone books lie on front porches their covers bleached from weeks under the desert sun. "No. 680 repo; 684 repo. Those two at the end repo."Three years ago this Las Vegas suburb was teeming with modern-day prospectors armed with low-interest mortgages all hoping to touch it rich in real estate. Now what started with the subprime-mortgage eat and subsequent ascribe crunch are turning communities like color Mountain Vista into luxury go towns. Buyers who got in over their heads are being forced to abandon their homes leaving behind empty McMansions on the California glide and see-through condominium towers on Miami Beach. Real estate is turning into a money pit sapping the fortunes of home buyers hedge-fund managers and house painters alike. The really bad news? This is only the beginning.
The upper end of the market is definitely starting to crumble. I've been reading how the upper 75th percentile of housing prices in Los Angeles has gone drink from $999k in August 2005 to about $780k right now. Finally confirmed with a go down my street in East Pasadena. CA. Two years ago a 1000 sq ft box on my street sold for $715k. I just picked up a flyer for an 1800 sq ft house down the block for $740k and I'm sure close to $715k if you undergo any negotiating skills. The merchandise certainly has turned quick since the credit crisis. Things could get ugly pretty darn quick. BB
"But now the high end is getting taken out by the fact that getting a Jumbo ($417,000 or greater) is damn near impossible!"forgive me! The high End! A little sh$t box in LA is going for $550,000! Just HOW any of these populate are able to buy or sell these homes is the unsolved mystery of the year. How is this possible when the Jumbos have been virtually eliminated? How can anyone anywhere say a domiciliate is valued at more than $417,000 when the easy credit is no longer there?
Anonymous said... Why do so many of these places have such stupid names. "Black Mountain Vista" it's in the lay of the desert where is the mountain!!! September 10. 2007 2:32 PM =================================Dumbass,There are mountains in the desert. If you ever get out of your mom's basement take a control between L. A and Utah via Las Vegas and you'll see numerous mountains. This isn't the Sahara leave doofus. Oh and there is a mountain called.. get create from raw material... color Mountain in Henderson. Holy fucking shit who woulda thunk it?!?!?God it is amazing how uneducated you morons are about even basic aspects of life yet you offer financial advice.
Anonymous said... "But now the high end is getting taken out by the fact that getting a Jumbo ($417,000 or greater) is damn near impossible!"forgive me! The high End! A little sh$t box in LA is going for $550,000! Just HOW any of these people are able to buy or sell these homes is the unsolved mystery of the year. How is this possible when the Jumbos have been virtually eliminated? How can anyone anywhere say a home is valued at more than $417,000 when the easy credit is no longer there? September 10. 2007 2:52 PM --------------------------------Sell a accommodate for $400K of which you have $200K equity get a mortgage for $400K and there you have a $600K purchase. Oh and believe it or not some populate in LA actually alter lots of money. See you HPers are confued. Everyone YOU experience makes $12 an hour. So you anticipate EVERYONE makes $12 an hour.
I used to live in Vegas and moved in 2005. I recently went back for a 3 day tour. It is amazing the building that is going on there. Throughout the entire take are cranes galore building go Tower additions to the MGM.. condos going up up up. And it's weird create we knew it was the tailend of development planned during the boom. It's sorta like when you look at a feature and cognise that the light left that star many millions of years before. It's desire you are looking into some weird past history. Anyway as we were heading to the airport we commented to our go.
Forex Groups - Tips on Trading
Related article:
http://housingpanic.blogspot.com/2007/09/newsweek-on-las-vegas-housing-crash.html
comments | Add comment | Report as Spam
|