April 11, 2008

Folks, here's what an epic, historic and devastating housing crash looks like. Welcome to Las Vegas Nevada, where gamblers come to get slaughtered


The median price in Vegas has now fallen $62,000 in just the past 12 months - that's over $5,000 a month, or $170 a day. Ouch. You'd have to get killed at the craps tables to lose so much so fast. Or trust a realtor on commission of course. And remember, knife catchers, we're just getting started...

Thanks Doom for the graph and info.

And one more time, this one is just too good:

"Home prices are still going up in Las Vegas. That flies in the face of bubble theorists. There never was a bubble in Las Vegas, and there isn't one in the future."

- Larry Murphy, president of real estate monitoring firm SalesTraq, July 2006

26 comments:

Anonymous said...

Check this out

http://tinyurl.com/3vhw94

Not Paying The Mortgage Feels "Great!"

Anonymous said...

OH SNAP!

DOPES said...

RENT NOW OR FOREVER BE PRICED OUT OF THE RENTAL MARKET!!!

DOPES!!!

Mark said...

But I thought the HOUSE always wins in LV!

rich in fl said...

I read the link on the first post. The funny part is since they aren't paying the mortgage they have money to go out to dinner and pay a babysitter! HOW FUNNY!!! The end of the link says the next home will be a smaller one. How can it be smaller when they have 3 kids? Retarded people frighten me

satan is a republican said...

Suzanne! Get in here, NOW! You've got some 'splaining' to do!!!

Shakster said...

Kieth Kieth Kieth Kieth Kieth......mayann dude,when I'm at the craps tables in Lost Wages I can lose 170.00 an hour so 170 a day is peachy.Guess by vegas satandars the market is still boomin.

Impeach Bush & Cheney said...

"There never was a bubble in Las Vegas, and there isn't one in the future."
AND:
George Bush is SMART
Dick Cheney is HONEST
Karl Rove is ETHICAL
Hillary Clinton is FORTHRIGHT
Hussein Obama is INNOCENT
John McCain is a HERO

America is GREAT - I don't think so

Welcome to the Bush Depression

Welcome to HELL.

Anonymous said...

If it was legal to execute the stupid. Larry Murphy would be maggot meat. But then so would just about all of the rest of the REIC idiots.

wayne newton still rocks said...

Didn't casey serin buy a bunch of homes in vegas?He is so brilliant.One day he is he scrubing toilets and the next he is a real estate guru.Isn't this country great.Is he back in russia scrubing toilets?

anonymous wimp said...

Off topic:
McCain makes remark about Mozillo and his "co-conspirators".

http://www.reuters.com/article/politicsNews/idUSN1131749320080411?feedType=RSS&feedName=politicsNews&rpc=22&sp=true

In his home state of Arizona last week, McCain added his voice to those expressing concern about the vast compensation earned by executives when their firms performed disastrously and most shareholders lost millions of dollars.

"I think it is outrageous when someone who is the head of Bear Stearns cashes in millions and millions of dollars in stocks," McCain told reporters on Saturday.

"I think it is unconscionable when the guy who is the head of Countrywide and his co-conspirators make huge amounts of money when Americans face the threat of losing their homes."

Happy Homedebtor said...

Ummm...Keith? You should really understand the things you steal to post before you comment on them.

From that graph alone, 2 years into the housing crash, you're maybe 15-20% down from peak after 2 years of falling. But the peak was about 100-120% appreciation since Jan '02. So realistically, they're still effectively up 60-70% in the last 6 years, which is close to 10% annual ROI. If you factor in the leverage used with only 0-20% down, that's one HELL of a return. ;)

And Vegas is the ultimate bubble market along w/ AZ and FL due to lack of fundamentals, so guess things aren't as bad as you'd like 'em to be eh?

Josepie said...

Hey, can somebody give me a quick primer on how the fed cutting the interest rate affects current homeowners and prospective buyers?

tia

West Coast Willie said...

Looking at the graph, it's clear that prices have a lot further to fall. Does anyone know what happened to that discredited hack at SalesTraq? Has he been run out of town?

Anonymous said...

My friend just got his house that he purchased in 06 @ $275K re-appraised. The new price is $205K and his ARM just reset squeezing him for another $500 a month. What to do, what to do?

AZDavidPhx said...

Good call, Mr. Murphy!

Frank@Scottsdale-Sucks.com said...

Nope, there was never a bubble in a casino town where high-paying jobs are almost nonexistent and you have $40k/year casino workers "buying" $800k houses ... LOL

Oh yeah and along with Phoenix the city is a magnet for bad credit deadbeats and hard luck losers.

Anonymous said...

What, don't tell me that the crooks on Wall Street and their little bearded bitch at the Fed run out of excuses to make the market positive today.

Where are all the cheerleaders who scream like little girls here during fake rallies? Yeah, you better hide today, bunch of financial geniuses who are losing the shirts. Go watch Cramer and Kudlow, douchebags. Even GE is in the toilet, eh? bwahahaha

Like I said many times here, when you girls where celebrating fake rallies: HUGE NOSEDIVE WAS COMING UP TO WIPE ALL THOSE FAKE RALLIES.

Enjoy your financial melting. It hath been foretold.

No no, you're the real DOPES!

eric in vegas said...

My brother bought a new home for 300k in 2005 and it's now worth 200k.

6% Total Denial System said...

-Begin Urgent Public Service Message-

Attention ALL Potential Homebuyers that absolutely must purchase a home and cannot wait for the 50% off sales next year:

1. Find the house you want using NAR resources.

2. Do not contact any real estate agents regarding the property.

3. Contact the owners directly and have them show you the property. If the home meets your needs, urge the owners to dump their real estate agent and lower the price by the sales commission amount.

-Return to Housing Crash Programming-

mairca izda debol said...

It's worse than most of the REIC retards think. The median price "gains" have been skewed by the millions of McMansions and "luxury" homes than have been built the past few years. Here's how it works, you REIC retards:

We have 5 used houses sold at $200K

We have 6 new McCrapboxes built and sold to speculators and gamblers at $500K

The new median is $500K and the average comp is now over $400K. Even though the prices of the original homes haven't increased at all, the REIC retards report that median home prices in the area have "increased" by 150% and the short bus riders like happy homedebtor and DOPES are happy.

Anonymous said...

These numbers make more sense once you watch that video about the illegals

Anonymous said...

Happy Homedebtor said...

From that graph alone, 2 years into the housing crash, you're maybe 15-20% down from peak after 2 years of falling. But the peak was about 100-120% appreciation since Jan '02. So realistically, they're still effectively up 60-70% in the last 6 years, which is close to 10% annual ROI. If you factor in the leverage used with only 0-20% down, that's one HELL of a return. ;)


That's what I said about the Nasdaq in early 2001. Funny how that turned out.

Jymkata

Anonymous said...

Happy Homedebtor said...

From that graph alone, 2 years into the housing crash, you're maybe 15-20% down from peak after 2 years of falling. But the peak was about 100-120% appreciation since Jan '02. So realistically, they're still effectively up 60-70% in the last 6 years, which is close to 10% annual ROI. If you factor in the leverage used with only 0-20% down, that's one HELL of a return. ;)


Dude your a fucking tard!! A 50% haircut is a 100% loss from peak - what a douche...

Anonymous said...

"Dude your a fucking tard!! A 50% haircut is a 100% loss from peak - what a douche..."

Dude YOU'RE a fucking tard!! A 50% haircut is only a 100% loss under only one condition and that is if the home rose exactly 100% from your baseline figure - what a douche...

Why is basic math so hard for people???

laughing larry said...

to many a genius here, to many chefs in the kitchen all with master degrees and brilliant ideas, no wonder we are in a crisis.

Dopes !!!