When do bids start flying in at the REA auction?

Shoele$$ · #1 05-17-2013, 12:48 AM

Quote:

Originally Posted by itjclarke

Hey, seems like the Phoenix area is starting to turn around pretty nicely.. Vegas next? if not already?

Not even close......there's still TONS of defaulted and currently defaulting loans that are back logged where people are still living their homes and not paying their mortgage. The media and local real estate professionals are trying to "hype" the real estate market and get people thinking inventory of REOs and short sales are dwindling....yeah right!

The devil is truly in the details, and housing markets across the US in areas where the bubble burst the biggest are soon to be flooded again with all of these homes that are still in default.

itjclarke · #2 05-17-2013, 12:57 AM

Quote:

Originally Posted by Shoele$$

The devil is truly in the details, and housing markets across the US in areas where the bubble burst the biggest are soon to be flooded again with all of these homes that are still in default.

And a hell of a lot of houses in developments that were never completed and/or occupied. Seems like it will be a longer road back anywhere there were many more houses built than needed. I have a small investment property in AZ, and been watching it steadily climb over the past year, but it's still at about 50% of its high pre-recession.

My old roommate moved to Vegas in about 2005 and promptly bought up a bunch there. I don't keep in close contact with him anymore, but know he's got a ways to go till he gets his investments back.

The low housing inventory places (like within SF) are going nuts right now though... Prices up like 25-30% in the past year.

Shoele$$ · #3 05-17-2013, 01:10 AM

Quote:

Originally Posted by itjclarke

My old roommate moved to Vegas in about 2005 and promptly bought up a bunch there. I don't keep in close contact with him anymore, but know he's got a ways to go till he gets his investments back.

OMG talk about bad timing for him. I feel bad for your friend. 2005-2006 was the absolute PEAK. Anybody who bought a house during that time in Las Vegas is at least 50% upside down......that's a killer. It's gonna be a LONG time before he sees that money again.

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