April 06, 2008

Larry Murphy at SalesTraq must be really, really embarrassed today


"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


Las Vegas - Zillow.com

16 comments:

mairca izda debol said...

Larry Murphy = DOPES

They could be heading towards a brick wall at 100mph and think that everything is fine until they actually hit the wall. Then it's too late.

eric in vegas said...

Our market was driven up to such ridiculous levels by speculators. Vegas homes had no business being anywhere near the insane prices they got to in 2006. It's mind blowing to go on Zillow and compare the price paid in the late 90s to the prices paid in 2005-2006 for some of these crapshacks and condos. Vegas is going to have one of the hardest falls in the country.

Anonymous said...

larry@salestraq.com

Anonymous said...

http://tinyurl.com/68gcvn

Housing Bubble vs. Great Depression Quotes

Anonymous said...

Bwaaaaa ha ha ha ha!!!!!!!

Enjoy the ride down suckers!

larry murphy is dumb said...

Las Vegas in that chart had the most obvious bubble by far!

Anonymous said...

April 5, 2003
"They are not near Baghdad. Don't believe them.... They said they entered with... tanks in the middle of the capital. They claim that they - I tell you, I... that this speech is too far from the reality. It is a part of this sickness of their plan. There is no an... - no any existence to the American troops or for the troops in Baghdad at all."

Anonymous said...

Keith,

Great post. You have listed the cities that were never going to go down. Charlotte and portland have been holding up pretty well. Even NYC is tanking.

I tell you, yesterday I picked up one of those local real estate newspapers and the people are still dreaminig here in Jersey. I saw a few homes here still listed in the 480k - 650k range (1920 homes). Problem is, there's no more suckers left.

I guess this is the end of that.

Dny

Anonymous said...

Another thing all,

Keith, correct if I'm not right here. But these graphs are price change YOY.

Therefore, in order for Las Vegas to be back in line, it will have to repeat that 50% increase, to the downside and more.

Dny

Ed said...

And yet Larry is still cited as an expert by the Review-Journal.

I check in on my old 'hood in LV and it's crazy the changes. Homes that went for $500K in 2005 are now listed for $300K. These are houses that were sold by the builder for $170-210K in 2000.

Anonymous said...

Dny,

You only need a 33% decrease to correct a 50% increase.

100 + 50% = 150

150 - 33% = 100

Blah said...

Here in Phila I swear prices are still about that of San Fran (at least in center city -- I suppose this make sense because it's just about the only area of the city where you won't be shot). Sales are down, denial is high.

Anonymous said...

What a DODO BIRD.
Shakster

Debtors Prisons please said...

mairca izda debol said...
"Larry Murphy = DOPES

They could be heading towards a brick wall at 100mph and think that everything is fine until they actually hit the wall. Then it's too late.

April 06, 2008 5:17 AM"

Partly correct. AFTER hitting wall because of their OWN STUPIDITY and ARROGANCE, the guilty then want a 'bail out' to get them throught it.

Well, F*ck that. Bail or Jail...

common sense said...

You're right, Ed. I can't understand why the Las Vegas newspapers keeps quoting these discredited clowns.

Murphy is a douche, but he's not even the doucheiest of the Las Vegas RE douches.

No, that honor belongs to Steve "Crystal Balls" Bottfeld, who should be sued for his lies and market pumping. But I suppose by the time the lawsuits got to court, he'll be dead anyway.

Bye Bye Bottfeld.

brianbb said...

YOY price increases/decreases are tricky.

If it was 50% YOY price increase, it has to have a cumulative 33% decrease.

But the line on the graph doesn't have to hit 33% YOY.

If it goes -15% YOY and stays at that -15% for 2 years that would mean 15% off one year and then another 15% off the next year, for example. So even if the line starts coming up from -15% (but is still negative) that means that the house prices are STILL decreasing but possibly at a slower rate.