Monday, December 30, 2013

Las Vegas, The New Canary?

DQNews - Las Vegas-area home sales fell last month to the lowest level for a November in five years, the result of a constrained supply of homes for sale, waning affordability and the ongoing decline in investor purchases. The median sale price dipped slightly month-to-month but was still 26 percent higher than a year earlier, marking the 20th consecutive month with a year-over-year gain, a real estate information service reported.

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 Excuses, excuses. 

9 comments:

Thomas Stone said...

This is unlike any previous Real Estate cycle I am aware of, and the market is extremely fragile.
When "Investors" paying cash disappear it removes anywhere from 25% to 50% of buyers.
Even with artificially constrained inventory, that has an effect.

Rob Dawg said...

The corporatization of the small sfr/6unit residential rental space has been one of the last to fall to big money. For the nuance their assualt appears to be successful. I will hold back until I see how municipalities react to the consequences.

Cinco-X said...

In some cases, government efforts for "shore up" or "optimize" markets is the thing that makes them fragile. Market participants start responding to government incentives rather than anything resembling "fundamentals". Happy New Years if I don't make it back beforehand...

Thomas Stone said...

RD,Nuance or Nonce? Cinco, it's nice to see you here. A bit more civil than HCN...

TJandTheBear said...

As mentioned eons ago, my sis owns a 1500sf SFR in NLV.

Bought in 1994 for $120K
Soared in 2005 to $300K
[CO/REFI'd for $200K]
Tanked to $90K in 2010

In the last year it has leaped back up to $150K (with the neighbor's dressed up place going for $200K).

I think the rollercoaster's headed down again.

Rob Dawg said...

Sometimes CNBC has value. This morning a guest mentioned that we are bubble paranoid. We cannot enjoy asset price recoveries or increases. And I add when those asset prices decline the cry will be about a bursting bubble. I can see some declines in the coming year but that's all they will be.

Cinco-X said...

Thomas Stone said...Cinco, it's nice to see you here. A bit more civil than HCN...

Good to see you too. HCN will settle down once they've purged everyone with differing views. They'll ponder why they ever tolerated the views of Rob, myself and a few others. Maybe they'll even let HomeGnome come back...

TJandTheBear said...

10 year at 3.03%

2014's already getting interesting, and it hasn't even started yet.

Rob Dawg said...

What's truly amazing is what the commentariat seems to be accepting as fact in both the posts and the comments. Not just biased perspective, that's fine but outright incorrect data. I think they've just turned into a BS circle and to some extent Bill is mailing it in. Not necessarily bad especially if you took his investment advice.

Now if we could get adorno over here for a real knock down drag out over climate change... ;)

Josap and Vtcodger are smart ladies. They'd be at home here as well. That is if they can stand being teased about their weather.