April 05, 2007

Las Vegas we have a problem (pass the ramen noodles please)







Thanks to Twist at the always excellent housingdoom for the graphs...

No big surprise I guess that the two biggest cities for fraudsters, con men, get-rich-quick hucksters and uneducated soulless cultureless posers (Phoenix and Las Vegas) are now home of two of the biggest American housing crashes.

We need a name for the Phoenix and Vegas housing implosions. I propose...The Dot-Condo Debacle In the Desert

59 comments:

Anonymous said...

Phx and Vegas it was nice knowing you, from dust to dust....RIP

Anonymous said...

Well, it is Vegas so just double down.....hahahaha...suckers...Vegas wasn't built on winners.

How is this going to affect the brothels?

Wait till gas hits 4/gal then the horses and cowboys will take over Vegas, ah, the good ole' days.

Girl Guide said...

"the two biggest cities for fraudsters, con men, get-rich-quick hucksters and uneducated soulless cultureless posers (Phoenix and Las Vegas) are now home of two of the biggest American housing crashes."

Wait a minute. You can't give these two cities this distinction without first running a contest among HP'ers. I, for one, think that there are places in Florida that would be in the running for this title.

A realtor told me just last week that the "condo market was turning around" in SW Florida. This statement from an expert in the local economics has just got to be true.

Anonymous said...

Vegas: Let's "Hope" What Happens in Vegas Stays in Vegas

Pheonix: The Rise of the Pheonix this time is a rise in Forclosures/Bankruptcy/Inventory out of the ashes of Sub-prime Lending/Homebuilder Ignorance

Anonymous said...

this blog is the best.

look who is concerned

http://realestate.yahoo.com/Real_estate_news/story;_ylt=AvXpi0mrIY5S2uO__.IoSd.kF7kF?s=rytimes/item-e590a994031ff1d5461cd55f7832dae1.html

trashwacker said...

Lots and lots of trash and scum in LV & PHX...the morally and culturally bankrupt epitome of the American Wasteland sinking to its natural level.
No surprise really.

Anonymous said...

LV (like other "dust belt" towns) Phoenix, San Diego and Tucson come to mind seemed to peak early. As ugly as the charts, graphs and data look they are clearly just getting their correction underway!

Near as I can figure every "dust belt" town along with FL, NC and any other place where it's unlikely to snow, built as if each of them (and them alone) would get ALL of the retiring boomers/2nd home crowd and built accordingly!

This is the only way I can explain the HUGE inventories and plummet in sales. If anyone else has another explanation I'm all ears.

DinOR

Anonymous said...

The bigger problem with places like Las Vegas is that building a big city in the middle of the desert is a fundamentally flaved idea.

Combine continued drought and the coming energy crisis, and the only conclution is that the place will have to be abandoned altogether.

Joe Logic said...

I was just in Vons the other day and I did notice they were out of chicken, beef, pork, and oriental ramen noodle flavors. Luckily they had shrimp flavor which we sometimes buy as my wife makes a udon-type soup. I prefer the seafood flavoring I told her. Anyways we're stalking up on shrimp flavor just in case, since more and more RE clerks and desperate homedebtors will be making runs on noodles. They better get in now - 13c each wont last forever.

On a side note I also noticed they were out of gourmet cat food.

Jim said...

What happens in Vegas stays in Vegas,but not this time,the whole country is happening.Looks like there will be a lot of fire sales.There is a bright side though,might be able to win some $$ playing craps [ better odds than stock market generally speaking] then take proceeds out to the Mustang Ranch , maybe get on in a fire sale there.

Anonymous said...

We are not seeing any reason for concern in Newport Beach. I wish it were different. But this isn't Vegas, FLA, or Phoenix. It is life as normal around here in the more high demand areas of OC.

Anonymous said...

B-b-b-but Keith, you're not allowing for the HUGE Spring numbers that are coming...I think...

Anonymous said...

big boss ala ramen company passed, could be the final days, better get all you can, or you will be forever !!!!!

Anonymous said...

How about Paradise by the Dashboard Light?

Anonymous said...

Simple:

binge and purge

Just like at the buffet

LEI Financial | California Mortgage Services said...

...and the self-fullfilling prophecy rages on. Everyone here seems pretty smart; how have you all been brainwashed so easily?

Frank said...

Scottsdale is even shadier than Las Vegas. I lived in Vegas for a few years before moving to Scottsdale and Scottsdale has even more scam artists, shysters, and quick-buck con-men than Vegas ever will! Phoenix proper isn't so bad, it's mostly honest working-class people, but Scottsdale is the biggest bunch of ripoff artists, con men, and phonies that I've ever seen.

Of course in my new office in Newport Beach I have a bunch of mortgage scumbags down the hall in a little "boiler room" setup telemarketing all day trying to sell loans. I'd love to see the cuffs slapped on them one day.

On Newport Beach housing, whoever said "no impact" is in fantasyland, in my neighborhood in Newport Coast, houses that went for $1.3M at the peak are now going for $700-800k.

Anonymous said...

Ramen Buffets who would have thunk it.

Anonymous said...

HP people are brainwashed?
You seem like a nice girl, sweetie. However, you are only 22 years old and can't possibly have a handle on your stated career. How long have you been in real estate? Six months? Who's brainwashed?

Check out blogs like Calculated Risk and Mish. You'll find economic data to back up what HP is saying. I would recommend you find another occupation.

Anonymous said...

I guess the 22-year old mortgage broker copywriter troll forgot she wrote this:

Buyers stay on sidelines of housing market
By Melissa Wirkus

The market is undoubtedly slowing, and many people are finding they want to wait and see where the market is going before they decide to buy.

Although we are officially in a buyer’s market; due to the increase of homes for-sale on the market and decreased price appreciation, many people are still waiting to make their big purchase.

Although the housing market does rely on a lot of hard data and facts, a lot of information released about the market is anecdotal and blown-out of proportion and buyers are becoming speculative and want to wait and see for themselves.
A September 10, 2006 article by Michelle Hoffman of The Los Angeles Times, “Buyers play wait and see,” discusses how many are staying on the sidelines of the housing market until things start to clear up.

The article discusses how this phenomenon is especially affecting the market in Southern California.

“Sobered up from frenzied exuberance over last year's housing gains by this year's declining sales, price reductions and increased housing inventory, a growing segment of Southland buyers are waiting on the sidelines for a significant downshift in prices.”

Mort said...

Melissa Wirkus, you are only twenty two and you come on this board spouting off? I have a jock strap that is older than you. You were only a twinkle in your daddy's eye when the S&L crisis started to blow. Bring some data, or back up on your spew and listen, the adults are talking now.

infobug said...

Check this out:

http://www.youtube.com/watch?v=kUldGc06S3U

Anonymous said...

I'm sure shes a realtor/stripper lots of them in vegas.

Why not have a pole dancing realtor?

In fact I shouuld open a franchise! poledancingrealtors.com Im SURE all the dirt bag harley riding tatooed boomers that 'love vegas' would use my ho's to buy condos to flop.

Its a new paradigm, get a lap dance and a @#$% with every home purchase.

Anonymous said...

where is that tool that LOVED LV?

Anonymous said...

A realtor told me just last week that the "condo market was turning around" in SW Florida. This statement from an expert in the local economics has just got to be true.

April 05, 2007 1:59 PM
------

Noting better than a Salesman to sell you something....

Anonymous said...

Anonymous said...
B-b-b-but Keith, you're not allowing for the HUGE Spring numbers that are coming...I think...

April 05, 2007 4:28 PM
---

ya, it's April already....

brokersleaveyoubroke said...

LEI Financial | California Mortgage Services said...
...and the self-fullfilling prophecy rages on. Everyone here seems pretty smart; how have you all been brainwashed so easily?

Ah, I fondly remembver when I was 22 and thought I knew everything. In reality, looking back, I knew nothing. Time will tell who is brainwashed.

Frank said...

"Its a new paradigm, get a lap dance and a @#$% with every home purchase."

That's already been going on for years in Scottsdale. Someone I know rented a Porsche Turbo from one of those exotic rental places, made appointments to look at several McMansions (pretending of course), and banged FOUR realtwhores in ONE DAY! Maybe the prostitution statutes should apply to the realtors too? LOL

Of course the guy who did this is a scumbag too, he was married at the time and is now getting wiped out in divorce court since getting caught ... lol ... but that goes without saying since he lives in Scottsdale....

Anonymous said...

LEI Financial | California Mortgage Services said...
...and the self-fullfilling prophecy rages on. Everyone here seems pretty smart; how have you all been brainwashed so easily?

April 05, 2007 4:48 PM

Hey airhead. Maybe we should say the same about your rah rah rah get in and sign up for debt slavery BS!
Mucho pain for the working debt slaves ahead.

Anonymous said...

"I have a jock strap that is older than you."

Hahahahahahaha

YIKES!

Anonymous said...

LEI Financial | California Mortgage Services said...
...and the self-fullfilling prophecy rages on. Everyone here seems pretty smart; how have you all been brainwashed so easily?

April 05, 2007 4:48 PM
-----
Dear Missy,

The self fullfillment of all this was sealed by the greed of those in your industry and the sister industry of mortgage lending. We are simply conduits for our observations on events on the ground as they unfold. I admit that there are some folks here whoare a touch biased, but the same could be said of you.

Me? Professional level of education, military officer who moved to a new area and was duped and exploited by the "relocation professional" I was paired with and bought into a high risk urban renewal project in a city that just did not have the critical mass of buyers at the price point the homes were going for. My circumstances changed and when I tried to sell, all of a sudden the posh riverfront city living was now high risk, over priced, luxury ghetto townhomes that nobody wanted. I used the RE agent the develpor had retained the sell the damn thing to me and I foolishly took his advice and turned down a clean offer that was 10k less than what I paid. I later was lucky and found a buyer, but only after I dropped the price by 35k less than what I had paid. I thus learned that all real estate is local, the wisdom of learning the area on your own w/o the influence of an inherently biased realtwhore who is just manipulating you into the best payday for them. Everyone at the settlement table just ws wanted to get paid and could care less about my interests in the deal despite the fiducary duties that exist by law.

I will never use an RE agent again to buy, I will only use an RE agent who is a personal friend to sell and give me access and a credible appearance of playing along with the monopolistic practices/system/game in the industry that makes FSBO a non-viable option. I will demand that all junk fees at settlement be removed and I will get my own loan directly from a bank and never use a mortgage broker.

You see, its such an important transaction to the buyer that to have so many parasites who are only interested in their own greedy ends that I cannot trust anyone or anything in the current system. Hence if I'm braninwashed its due to people like you screwing people like me over who were just trying to find a nice place to live and enjoy life and not to be exploited, taken and financially burdened so you could drive a beemer and ahve meals at fancy resturants while I eat ramen.

So the ironic justice is that its your turn to eat ramen, and post a little jingle mail to the bank.

Anonymous said...

"...and the self-fullfilling prophecy rages on. Everyone here seems pretty smart; how have you all been brainwashed so easily?"

Good gawd... a 22-year-old kid out of college is all the sudden an "expert" in the shady real estate lending industry. Too bad PR and adv. firms only hire intelligent people to do their copywriting... unlike mortgage lenders who rely on the hoards of "cream of the crap" out of junior colleges.

And please stay away from all that hydrogen peroxide... you're blinding all your gullible customers.

Chris said...

I was just in Vons the other day and I did notice they were out of chicken, beef, pork, and oriental ramen noodle flavors. Luckily they had shrimp flavor which we sometimes buy as my wife makes a udon-type soup. I prefer the seafood flavoring I told her.

Anyways we're stalking up on shrimp flavor just in case, since more and more RE clerks and desperate homedebtors will be making runs on noodles. They better get in now - 13c each wont last forever.

On a side note I also noticed they were out of gourmet cat food.


And the seeds of another market-driven mania speculative price run-up are born! After posting this, I'm running out and stocking up on ramen and cat food, too, as it'll be worth a fortune soon!!

I just need to sell some of these $200 Beanie Babys on eBay first...

Anonymous said...

Poor 22-year old girl, not only stupid but she'll be out of work soon

At least she's hot

Anonymous said...

...and the self-fullfilling prophecy rages on. Everyone here seems pretty smart; how have you all been brainwashed so easily?

Ah come on you guys, play nice with her. She's cute as a bug, and it appears someone trained her to speak!

Just Wonderin said...

This poster who, named or not, is I have a feeling this poster responsible for 99% of the bad smell on HP. Named or not, he continually wraps his hatred of anything female around a real estate blog post(s). If he could get away with it, I suspect he would insert N****** or Jew (generally goes with the territory). The question is, why does he get away with it when he's taking about your daughter or your wife or your mother...

Don't believe me Keith, why don't you run it by Twist.

Anonymous said...
I'm sure shes a realtor/stripper lots of them in vegas.

Why not have a pole dancing realtor?

In fact I shouuld open a franchise! poledancingrealtors.com Im SURE all the dirt bag harley riding tatooed boomers that 'love vegas' would use my ho's to buy condos to flop.

Its a new paradigm, get a lap dance and a @#$% with every home purchase.

April 05, 2007 6:58 PM

Anonymous said...

Wow watch this video of austin, texas... it's incredible... how fast things change

http://www.wfaa.com/video/wfaageneral-index.html?nvid=133491&shu=1

Anonymous said...

Hey 22 slut - sick my fattie!

Anonymous said...

How about Housing Tsunami?
No, that's not good, nevermind.


But it did work for the recent msnbc headline.

Anonymous said...

I love how you stupid people just keep reading about the Las Vegas housing market crash and actually believe it. In the meanwhile, MGM CityCenter sold out in two weeks multi-million dollar condos to the savvy buyers. There is very limited supply of luxury condos in Vegas unlike Miami that has over 50,000 and counting.

Anonymous said...

Frank -- regarding your posting about RE in Newport Beach -- can you list an address of a such a house that has gone from $1.3M to $800k or less in Newport Coast? I'm seeing some cooling, but no major pullbacks here. No one seems concerned. There are loads of SUVs with big rims, loud exhausts, and seemingly rich housewives driving them. When does it end? Can all these people really be making this much money? Around here is really does seem like it. As I stated on another site, my friend's bought a way overpriced Corona Del Mar home for $960k, then sold it in April 2006 for $1.4M. Even a 30% pullback in price leaves this home WAY overpriced.

Frank said...

Damn, I actually *like* Ramen noodles ... I hope there isn't a shortage!!!

Of course I like because I eat it maybe once a week when I get the craving and don't have to live on it like the realtwhores and mortgage peddlers....

Anonymous said...

...and the self-fullfilling prophecy rages on. Everyone here seems pretty smart; how have you all been brainwashed so easily

Zodiac Year: Rat. That seems about right.

formereconomist said...

Great Idea. You must add Miami. Phoenix, Las Vegas and Miami are all of a type. Sleazy, build it and they will come kind of towns. Same kind of people live there. Not about ethnicity or race, it seems these places attract the kind of people who idealize the easy life and a good scam.....All of them are anathema to any civilized soul.

jt said...

Regarding the top graph.

What is it about March, May, and June that causes sales to spike relative to the rest of the year.

Or more curiously, what is it about April that causes sales to temporarily decline given any calendar year? Is it because of tax time?

p.s. I think you are fine in Vegas as a homeowner if you bought in Summerlin (me).

It is the crap-ass areas anywhere east of the strip, in the middle where it is too old, and any crappy condo conversion anywhere, or even over-priced high rises on the strip where you will run into problems.

Yes there is way way way too much overbuilding going on. At least Vegas has the strip though I don't know what the f*ck is going on in Phoenix.

Joe Logic said...

Speaking of ramen noodles, shares of Nissin Foods (TOKYO: 2897:JP), the #1 maker of noodles worldwide is on a tear! Holy crap! I'm not making this up, shares starting climbing around the same time housing started tanking (Sept-Oct 2005). Call your stock broker and get in on this moneymaker before it's too late. With all those out of work RE clerks and greedy homeless flippers earnings are expected to soar!

Anonymous said...

the prices can not fall, there can be no bailout because there is not enough money in the "screw the savers again fund"

Anonymous said...

because inflation that includes housing as ownership, has been at up to 40% a year many years over the time when ownership was stopped being calculated and instead rents were, thus the true owners of the ownership sociewty, and the precalculated slaves

Anonymous said...

Just Wonderin go somewhere else with your bleeding heart - damn liberals try to ruin this site for everyone.

LauraVella said...
This comment has been removed by the author.
LauraVella said...

Anon said:"Zodiac Year: Rat. That seems about right".


Rat. I read that too. LOL.

Jeff in Florida said...

Gee, to think past generations knew better not to build thousands of subdivisions in the middle of the desert. Where will they get the water to fill up all those swimming pools?

http://tinyurl.com/22kn8t

Anonymous said...

sales are down and inventories up in PHX and LV but prices are only down modetsly 10-15% from the high!

this is not a crash! call me when it is down 40-50%!

Anonymous said...

PLEASE! LET'S TALK ABOUT THE HOUSE PRICES! SALES & INVENTORY MEAN SH*T IF PRICES ARE NOT FALLING MUCH!

Anonymous said...

"LEI Financial | California Mortgage Services said...

...and the self-fullfilling prophecy rages on. Everyone here seems pretty smart; how have you all been brainwashed so easily?

April 05, 2007 4:48 PM "


YOU ARE DA SMART ONES! MOST HERE ARE RETARDED WHO ENJOY SEEING OTHERS'IN VIRTUAL PAIN WHICH NEVER HAPPENED!

Anonymous said...

And yet prices have barely budged in LV, just like in PHX and just like in SD and LA and everywhere else.

Anonymous said...

jt said...
Regarding the top graph.

What is it about March, May, and June that causes sales to spike relative to the rest of the year.

Or more curiously, what is it about April that causes sales to temporarily decline given any calendar year? Is it because of tax time?

p.s. I think you are fine in Vegas as a homeowner if you bought in Summerlin (me).


BWA HA HA HA!! Keep telling yourself that. I used to live near Charleston and 215. Sold last year and monitor the listings in the old hood. Asking prices today are 5-10% lower than what I sold for. I don't know what selling prices are since nothing's selling.

You are deluding yourself if you think somehow Summerlin is any different and will survive.

Just for kicks why don't you check out the Clark County Recorder's web site and see how many foreclosures took place last month in your neighborhood. You'll be surprised.

Ben Dover said...

And yet prices have barely budged in LV, just like in PHX and just like in SD and LA and everywhere else.

OK, one more time... prices CAN'T fall below the loan amount without a short sale which must be approved. Also, no one has ever answered my question, where will the FB's get the cash to throw away at closing???

Anonymous said...

Let's hear some REAL experiences with LEI, like mine.