Some Prices Come Down In Las Vegas
Thanks to the reader who posted this Las Vegas Homes link. As you can see, there is apparently a re-evaluation going on in Sin City.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole. ATTENTION: Backup Blog at: http://thehousingbubble2.blogspot.com/
Wednesday, April 13, 2005
Previous Posts
- Will Deficit And Bubble Meet, San Diego?
- It Is Possible To See Bubbles: Ex-Fed Economist
- State Senator To Feds: "Look For Real Problems"
- Spread Narrows For Bank
- $20 Million Townhouse Has Room For A Bike
- North Las Vegas Permits Down
- Mortgage Aps Down
- Jumbo Loans Now Mostly ARMs, Interest Only
- A Minefield Of Myths
- Mobile Homes To Sell For $800,000 And Up
Links
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- National Mortgage News
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- Demos
- Mortgage Bankers Assoc.
- OFHEO
- Center for Economic and Policy Research
- Fitch Ratings
- Realty Times
- Inman News
- US Treaasury
- BlogKits-Building Blog Relationships
- House Price Crash UK
- The Money Files
- San Diego Real Estate Chrono-Collapsometer
- Bay Area Housing Crash Continues
- HouseBubble.com
- Vancouver Housing Market Blog
- housingbubble.com
16 Comments:
Wow. 828 homes have had a price reduction in the last week? That seems like a pretty high number.
828 Homes reduced in 7 days. How many homes are on the market?
Cashking
Amazing, although even the lower prices seem high. I just don't understand it.
How many of the homes, or what percentage of those listed do you think are owned by investors/flippers?
I just answered my own question. There are 19678 homes listed on the site. This means that less than 5% of all homes have been reduced in the past seven days.
I wonder how many homes overall have been reduced?
Cashking
19,678 homes are on the market for sale? wow... i thought vegas was supposed to have such a limited amount of homes and land available...
To give some perspective to the 19,678 Vegas homes for sale - in the city of Los Angeles there are currently 4740 homes and condos listed.
To give some perspective to the 19,678 Vegas homes for sale - in the city of Los Angeles there are currently 4740 homes and condos listed.
Cashking
(in the city of Los Angeles there are currently 4740 homes and condos listed)
Holy cow! LA has to be many times the size of Vegas. Thanks CashKing
"To give some perspective to the 19,678 Vegas homes for sale - in the city of Los Angeles there are currently 4740 homes and condos listed."
Holy cow....that's a stunning statistic. LA is the second-largest city in the USA. There's gonna be a crash in Vegas like nobody's ever seen!
The Las Vegas agents at Realty Times are trying to put a bold face on it.
http://realtytimes.com/rtmcrloc/Nevada~Las_Vegas
This one is interesting:
"For those of you looking to buy a home in Vegas, hurry before the prices start going up again!"
19,678 homes are on the market for sale?
How days of sales is that for LV?
Anyone have links to those numbers?
19,678 for LV and 4740 for LA? I'm just a little suspicious...
First of all is it only the city of LA, LA county or Greater LA...
Maybe a better measure would be X number of homes per 1000... or a percentage... for each loaction...
I just see a lot of numbers thrown about and am always challenging them...
The number for Los Angeles is for the city of LA and does not include Beverly Hills, Santa Monica, West Hollywood or Inglewood. It comes from Realtor.com
Check it yourself by typing in "Los Angeles in the search engine.
The # for Las Vegas came from the original link from the first post.
Cashking
Deb said: That's about 700 listings per person.
Wow. I knew folks were buying multiple properties but that's unbelievable....
Calm down guys....
"As of 4/13/05, there are 9,070 single family homes on the market in Las Vegas."
9000 is no big deal for Vegas , this is down from 14,000 in November when the flippers left.
6000 people per month are moving here,best employment #'s in the country , many coming with CASH to buy their retirement homes.
Average price just over 300K. 600-700K buys a McMansion in the hills.
I am still cleaning up after the sloppy flippers , bailing them out of their stupid panic, with an easy 50K -100K in equity.
Those that went to Phoenix,now they maybe in trouble.
I had NO problem selling 4 properties above the most recent comps last month. Its all about location and quality. Alot of that inventory is JUNK that stupid out of state flippers bought blind, they will still profit if they can hold on.
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