There are a number of active listings I’m watching the MLS listings where I live in Henderson (Las Vegas) to see if the implosion of the subprime/Alt-A mortgage market will have any impact on seller’s perceptions.
So far, in the last month, most of these sellers have not dropped their asking prices a dime.
A Realtor I talk to a lot, and that advised me a year ago to NOT buy into this mess, says that the only way to buy right now to get an REO. He says the sellers are in deep denial and are refusing all lowball offers.
Investors (the kind with money) are now buying from builders at DEEP discounts, but no movement on the resale side.
Seeing that LV is now foreclosure central, I keep expecting the bottom to fall out, but there’s no sign of it yet.
Note: The properties I’m interested in are mostly owned by people who bought 10 years ago for 1/3 of current asking prices – they aren’t willing to “give it away” for only double what they paid.
Sorry Vegas Renter but a housing doesn’t move with the same velocity as a stock market bust. That being said, you need to go study the foreclose graph from Credit Suisse, that will give you an answer as to when to expect the bottom to drop out.
Suggest that you expand your horizon out 2 to 3 years before buying or you will end up being a knifecatcher.
Sorry Vegas Renter but a housing doesn’t move with the same velocity as a stock market bust. That being said, you need to go study the foreclose graph from Credit Suisse, that will give you an answer as to when to expect the bottom to drop out.
Suggest that you expand your horizon out 2 to 3 years before buying or you will end up being a knifecatcher.
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