December 23, 2007

Just when you think you've hit bottom, you'll fall again, and again, and again...

"This market is really, really bad. It’s a horrible market, but it’s a horrible market that’s going to get better. We are very close to the bottom. Unfortunately, the turnaround is not going to happen overnight."

-Las Vegas realtor Mike Altishin

21 comments:

keith said...

It will shock people, in real terms, how far home prices tumble from the peak

The NASDAQ fell 70%. Japanese real estate fell 64%. When bubbles deflate, when manias go kaput, asset prices don't fall back to the mean and stop.

They overshoot.

6%? NEVER said...

and just then....he laid the crack pipe down and dozed off in his drug filled haze to return to the dreamy glory days of 2004 when subprime was all the rage. Realtors...you gotta despise them.

Anonymous said...

The bottom will be that day in the future when they turn on the faucets but no water comes out. They you literally will not be able to give it away.

http://www.lasvegasnow.com/Global/story.asp?S=6943263

Edgar said...

Crime pays!

Anonymous said...

keep guessing foo!

Anonymous said...

What was that earlier quote I saw on here. Men go mad in herds, but come to their senses one at a time. Enjoy the shock and awe.

Marky Mark said...

Crisis may make 1929 look a 'walk in the park'

http://www.telegraph.co.uk/money/main.jhtml;jsessionid=MPJNXMVAA3FI3QFIQMFCFFOAVCBQYIV0?xml=/money/2007/12/23/cccrisis123.xml&page=2

Glance at the debt markets and you hear a different tale. Not a single junk bond has been issued in Europe since August. Every attempt failed.

Europe's corporate bond issuance fell 66pc in the third quarter to $396bn (BIS data). Emerging market bonds plummeted 75pc.

"The kind of upheaval observed in the international money markets over the past few months has never been witnessed in history," says Thomas Jordan, a Swiss central bank governor.


Marky Mark

Anonymous said...

If by 'near to the bottom' he means within a few years, then he might be right...

Anonymous said...

as much as i pray for things to get back to normal.. is 3% appreciation from the time house was built in the 80's steady appreciation even realistic?

I am trying to sell a house in an area with strong employment, low cost of living but the only offer was at the price of the house from 1999.

Considering we only ever expected 3% appreciation and can't get close.. I'd say the places in Florida(used to live outside Cincy) and now in Florida have a long long way to go until they are even remotely close to my old cost of living..

Is it really that bad? Does KY have to suffer for the greed of CA, FL, Las Vegas etc?

k.w. - southern, ca. said...

No one should be shocked at how far housing prices will fall, since they were so *over-speculated* to begin with.

As my father once said while driving down the coast in Southern Ca. ... "what a bunch of over-priced shacks"

How true it is.

Anonymous said...

[b]I am trying to sell a house in an area with strong employment, low cost of living but the only offer was at the price of the house from 1999.[/b]

First evidence I have seen that estimates of the correction are wildly optimistic.

Have only seen suggestions prices will return to 2003 or 2004 levels.

Let's party like it's 1999!

k.w. - southern, ca. said...

I cannot tell you how many parties I went to where house debters bragged about their properties, and essentially how anyone renting (even their own renters) were being bent over the barrel.

I stayed away from such conversations, since I was raised that talking about where and how you lived, or how much you made, were considered very rude (besides, who *really* gives a damn).

Now, those conversations have stopped altogether, and are instead replaced with more frowns and bitter expressions.

Who really wants to see a crash that will impact *every* facet of our economy? No one

Let's just hope the crash is not so painfully protracted, but I tend to agree with a prior poster that this crash will make all prior crashes seem mild.

Anonymous said...

I sold my house earlier this year for 40% more than I paid in 2002. If that is the definition of a housing crash, OK so be it.

happy homeowner in the stix said...

Well, if he keeps saying it every month, eventually he'll be right...

Anonymous said...


I sold my house earlier this year for 40% more than I paid in 2002. If that is the definition of a housing crash, OK so be it.



Sure you did, Mr Lereah.

Anonymous said...

i don't think we are anywhere near the bottom. these realtors speak and lies come forth....vegas will get at least a 50 percent haircut.

Anonymous said...

and with the reduction in real estate prices comes the deflation of the property tax bubble......aw too bad counties. go somewhere else and get your blood money...

Poor Dad said...

> Is it really that bad? Does KY have to suffer for the greed of CA, FL, Las Vegas etc?

All real estate is national. It will sell once it is priced for the market conditions.

eric in vegas said...

"i don't think we are anywhere near the bottom. these realtors speak and lies come forth....vegas will get at least a 50 percent haircut."

And that's for the nice areas of town. The less desirable parts of town are going to see 65-75% drops.

nnj said...

Walking down an unfamiliar staircase in the pitch black. That's the last step...no it isn't there is one more. No wait, there is another. Now were at the bottom...no wait...

Just relax.

Anonymous said...

"We are near the bottom"
Wasn't that the same line used by the family in "THE HILLS HAVE EYES"
just before they were systematically mamed, tortured, brains bashed in and half eaten in the desert. Las Vegas should be fine because there are no flesh eating zombies, just full of trolls.

Merry X-MAS