tag:blogger.com,1999:blog-27885619.post5471547747230503677..comments2023-11-03T02:41:15.906-07:00Comments on Real Estate comments: Horsemen of the Apocalypsewannabuyhttp://www.blogger.com/profile/04297458705683991405noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-27885619.post-86857705738717848252008-02-02T20:27:00.000-08:002008-02-02T20:27:00.000-08:00I'm with CRT. Heck, LV may be in a class all by i...I'm with CRT. Heck, LV may be in a class all by itself.<BR/><BR/>As Rob Dawg has noted, LV has never reached "critical mass". The only real industry there is tourism, and that's highly discretionary (i.e., economically sensitive) and has growing competition. Otherwise, it's economic growth engine *was* growth.<BR/><BR/>Now the place is so hugely overbuilt that there's no need for the second largest industry -- construction.<BR/><BR/>LV is very soon going to be one huge honkin' ghost town outside the strip.TJandTheBearhttps://www.blogger.com/profile/10735388072841457108noreply@blogger.comtag:blogger.com,1999:blog-27885619.post-22893317817598419642008-02-01T18:54:00.000-08:002008-02-01T18:54:00.000-08:00CRT, I'll check your links. Thank you. Las Vegas...CRT, <BR/><BR/>I'll check your links. Thank you. <BR/><BR/>Las Vegas is in HUGE trouble. I really thought about making it one of the four horsemen and maybe I will in the future. But I chose DC instead for the impact it will have on national perception. Not to mention one of the counties broke 46 months of inventory. <BR/><BR/>This is global. For leading the pack... I'm going to pick Miami and Palm Beach. Although the job losses I'm seeing in Spain are quite the wake up call.<BR/><BR/>Got popcorn?<BR/>Neilwannabuyhttps://www.blogger.com/profile/04297458705683991405noreply@blogger.comtag:blogger.com,1999:blog-27885619.post-48242565509267311812008-02-01T13:02:00.000-08:002008-02-01T13:02:00.000-08:00Neil - here is a good source for Las Vegas. Also,...Neil - here is a good source for Las Vegas. Also, the other links are archives for Las Vegas real estate stories (and inventory & sales graphs) going all the way back to 2004.<BR/><BR/>http://www.lvrj.com/hottopics/housing.html<BR/><BR/>http://www.reviewjournal.com/news/housing/2006index.html<BR/><BR/>http://www.reviewjournal.com/news/housing/2005index.html<BR/><BR/>http://www.reviewjournal.com/news/housing/2004index.html<BR/><BR/><BR/>You might want to reconsider putting Vegas on your 4 horsemen list. Especially considering that they have over 25 months of inventory and that more than half of the houses for sale are vacant. (think about that for a second - I mean VACANT)! Imagine what that does to your values when you live on the far out fringe and are one of only a handful living in a large subdivision (minus the squatters of course)!<BR/><BR/>Their YOY inventory shows no sign of stopping (up 23% from Dec 06 and up 64% from Dec 05). Plus they are usually the clubhouse leaders in nationwide foreclosures, and case shiller already notes prices are down a ton already! <BR/><BR/>My personal belief is when everything is said & done, Vegas will lead the pack. As a former resident, I can attest to the fact that huge percentage of the LV residents are hucksters grifters & dreamers who are attracted to the city by the prospect of "easy money". In many ways Vegas attracts the the worst of other states worst. Incidentally when looking through these stories pay particular attention to the quotes from a guy named Steve Bottfeld. He is THE biggest chearleader I have ever seen (Makes NAR look like a bunch of bears). EnjoyCRThttps://www.blogger.com/profile/15424411443228593973noreply@blogger.comtag:blogger.com,1999:blog-27885619.post-3140419308556281122008-01-30T22:25:00.000-08:002008-01-30T22:25:00.000-08:00zgirl,Thanks for the link. Well worth the read. ...zgirl,<BR/><BR/>Thanks for the link. Well worth the read. I found it interesting that states with the most difficult foreclosure process also had the least dynamic economy. With the national foreclosure process going to get more difficult, will the lack of lending lead to a permanent change in economic growth? <BR/><BR/>How much of CA's growth is based of equity extraction? FL's?<BR/><BR/>I probably should have listed NV as one of the four horsemen... But I think long term the overdevelopment in DC will have a greater impact on the economy.<BR/><BR/>I am going to long term disagree on the fraud states. Why? I think many of the states 'lagging in the price declines' just haven't uprooted the extent of their fraud.<BR/><BR/>Got popcorn?<BR/>Neilwannabuyhttps://www.blogger.com/profile/04297458705683991405noreply@blogger.comtag:blogger.com,1999:blog-27885619.post-14645863808588221802008-01-30T21:47:00.000-08:002008-01-30T21:47:00.000-08:00Thank you for the interesting (if unpleasant) data...Thank you for the interesting (if unpleasant) data and analysis. The Fed calls us "<A HREF="http://minneapolisfed.org/community/events/100407/strategies_brewster.pdf " REL="nofollow">Construction Bubble and High Fraud States</A>" (Nevada, California, Texas and Florida).zgirlhttps://www.blogger.com/profile/00858332560941051513noreply@blogger.com