Damn. 71% of Las Vegas homeowners under water - GoFuckYourself.com

$5 submissions · 02-08-2011, 05:17 PM

Under water = your home is worth less than your mortgage

They aren't alone since this is the "new normal" see: http://www.usatoday.com/money/econom...terstitialskip

Source: http://www.usatoday.com/money/econom...er-chart_N.htm

Elli · 02-08-2011, 05:43 PM

I'm surprised to see Manhattan is doing so well.

loreen · 02-08-2011, 05:44 PM

Banks rule the world...

fuzebox · 02-08-2011, 05:47 PM

Glad to be in that 29%.

Ron Bennett · 02-08-2011, 05:53 PM

On a related note, even some people with homes above water are struggling with rapidly increasing property taxes.

For example, in many parts of Pennsylvania, $3,000-$6,000 per year is common on modest, average size homes (as in older style singles, duplexes, and even some row homes).

When one factors in the property tax burden, even many homeowners whose property values have remained steady / increased slightly are, in effect, under water too!

And it's likely to get worse as local municipalities and school districts depend even more on property tax.

And in some states, such as Pennsylvania, homeowners are basically powerless against tax hungry school boards, which themselves are between a rock and hard place, since they have to satisfy various contractual obligations (ie. teacher salaries, pensions, loans, etc) along with numerous state and federal mandates.

Ron

scubadiver626 · 02-08-2011, 05:54 PM

I felt the pain from my neighbors moving in. I'd reckon Vegas was never the friendly block party neighborhoods every weekend, but to have a house you paid $400k now worth $130k has to sting.

I feel like we got a great deal. The age of being house rich could be dead for us... but we can always hope for a suprise inheritence ;)

candyflip · 02-08-2011, 06:03 PM

My dad has an office in Vegas. They bought a house out there a few years back that was originally built for around $400k. They paid $250k and if they wanted to sell it now...they'd list it for around $180.

4 of the 6 houses on their circle are empty.

I live in Monroe County, NY - we're listed there as in the black.

mynameisjim · 02-08-2011, 06:06 PM

I would like to see that number broken down by actual people living the homes. There were a ton of flippers and speculators that were buying up properties so I'm sure some of those never had a family living in them and were bought as investments. Not sure how many though.

L-Pink · 02-08-2011, 06:20 PM

Half the homes in Florida are underwater and 21% of all houses/condos are vacant. Staggering statistic that won't get better in the short future. Really fucking sad ...........

.

LiveDose · 02-08-2011, 07:23 PM

Damn that is a crazy stat.

woj · 02-08-2011, 07:31 PM

looks like NV, CA and FL are getting hit hard....

Seth Manson · 02-08-2011, 08:37 PM

A couple of years ago, most of the homes in New Orleans were underwater.

I'm here all night folks

scubadiver626 · 02-08-2011, 09:15 PM

Many more short sales and forclosures are hitting the market right now and the investors/buyers are drying up.

Mr. and Mrs. America are in trouble and need to save, while corporate USA is rebounding slightly. The rich poor gap continues to widen.

WTF were Vegas buyers thinking... $400k for a 2k sq. ft. house 3 ft. from each other.

Mutt · 02-08-2011, 09:18 PM

show me bargain homes in Vegas, California and Arizona.

scubadiver626 · 02-08-2011, 09:18 PM

Fuck my negativity, Vegas is still an awesome place to live. It will be a good 3 years until i'm even remotely bored and have seen everything.

The market will come back, long as people keep making babies!

L-Pink · 02-08-2011, 09:20 PM

Quote:

Originally Posted by scubadiver626

Fuck my negativity, Vegas is still an awesome place to live. It will be a good 3 years until i'm even remotely bored and have seen everything.

The market will come back, long as people keep making babies!

... and stop dying

.

DateDoc · 02-08-2011, 09:26 PM

NV real estate is predicted to drop another 8% in 2011!

scubadiver626 · 02-08-2011, 11:39 PM

Some of the bigger properties might have room to drop... I can imagine 8%.

We bought last Oct. and had multiple offers on every house we liked in the 130-150k neighborhood. Most of those represent such a good value, we're betting the bottom is in.

Need a crap load of patience with short sales.

$5 submissions · 02-09-2011, 06:48 PM

Quote:

Originally Posted by scubadiver626

Fuck my negativity, Vegas is still an awesome place to live. It will be a good 3 years until i'm even remotely bored and have seen everything.

The market will come back, long as people keep making babies!

The market WILL come back. It's just a question of time. Also depends on location. For example, in So Cal, it took around 8 + years for the local real estate market to come back after the crash caused by the aerospace bust in the early 1990s.

Rochard · 02-09-2011, 07:27 PM

I live in Placer County, California, just north of Sacramento. At one point half of the twenty houses on our block were empty. Horrible.

sologirlcontent · 02-09-2011, 07:31 PM

you can get some great deals in vegas now..I just got this lease w/ option to buy 3,000 sqft 3 bed 2 bath near Teller's house ( Penn and Teller )

TELLER'S HOUSE

L-Pink · 02-09-2011, 08:17 PM

Quote:

Originally Posted by Ron Bennett

On a related note, even some people with homes above water are struggling with rapidly increasing property taxes.

For example, in many parts of Pennsylvania, $3,000-$6,000 per year is common on modest, average size homes (as in older style singles, duplexes, and even some row homes).

When one factors in the property tax burden, even many homeowners whose property values have remained steady / increased slightly are, in effect, under water too!

And it's likely to get worse as local municipalities and school districts depend even more on property tax.

And in some states, such as Pennsylvania, homeowners are basically powerless against tax hungry school boards, which themselves are between a rock and hard place, since they have to satisfy various contractual obligations (ie. teacher salaries, pensions, loans, etc) along with numerous state and federal mandates.

Ron

Good post. ..... Some also have Home Owners Association fees to pay.

.

BlackCrayon · 02-09-2011, 08:30 PM

what do people expect? real estate prices were constantly going up while wages are decreasing or not changing. it couldn't last forever.

marcop · 02-09-2011, 09:00 PM

Quote:

Originally Posted by Ron Bennett

On a related note, even some people with homes above water are struggling with rapidly increasing property taxes.

For example, in many parts of Pennsylvania, $3,000-$6,000 per year is common on modest, average size homes (as in older style singles, duplexes, and even some row homes).

When one factors in the property tax burden, even many homeowners whose property values have remained steady / increased slightly are, in effect, under water too!

And it's likely to get worse as local municipalities and school districts depend even more on property tax.

And in some states, such as Pennsylvania, homeowners are basically powerless against tax hungry school boards, which themselves are between a rock and hard place, since they have to satisfy various contractual obligations (ie. teacher salaries, pensions, loans, etc) along with numerous state and federal mandates.

Ron

I'm guessing that in many places it's more cost-effective to rent, rather than buy, and pay to send your kids to private school with the money you're not spending on taxes, insurance, etc.

raven1083 · 02-10-2011, 01:32 AM

pretty nice find

scubadiver626 · 02-10-2011, 01:41 AM

"I was in B of A about 6 months ago adding my wife to my accounts. My representitive told me B of A stategy is selling their properties in three stages. What they consider the lowest value homes first just cutting their losses. Then if the market starts to turn they will release what they consider more desirable homes.

Finally if the market gets better they sell the most expensive ones. Not sure how long they will holdout. He assured me if they tried to sell everything right now the market would really be devastated."

02-08-2011, 05:17 PM	#1
$5 submissions I help you SUCCEED Industry Role: Join Date: Nov 2003 Location: The Pearl of the Orient Seas Posts: 32,195	Damn. 71% of Las Vegas homeowners under water Under water = your home is worth less than your mortgage They aren't alone since this is the "new normal" see: http://www.usatoday.com/money/econom...terstitialskip Source: http://www.usatoday.com/money/econom...er-chart_N.htm __________________ Need a NON-ADULT income stream? We build your YOUTUBE CHANNEL for only $20 per video! For Hire: $3/hour or $400 per month Marketing Specialist Virtual Assistants

02-08-2011, 05:43 PM	#2
Elli Reach for those stars! Industry Role: Join Date: Apr 2003 Location: Vancouver, BC Posts: 17,991	I'm surprised to see Manhattan is doing so well. __________________ email: [email protected]

02-08-2011, 05:44 PM	#3
loreen myadultdesign.com Industry Role: Join Date: May 2004 Location: Europe Posts: 12,558	Banks rule the world... __________________ Banners, logos, headers, peels, FHGs, ads, paysites, photo retouching etc: my adult design portfolio My logo portfolio: PornLogos.com

02-08-2011, 05:53 PM	#5
Ron Bennett Confirmed User Join Date: Oct 2003 Posts: 1,653	On a related note, even some people with homes above water are struggling with rapidly increasing property taxes. For example, in many parts of Pennsylvania, $3,000-$6,000 per year is common on modest, average size homes (as in older style singles, duplexes, and even some row homes). When one factors in the property tax burden, even many homeowners whose property values have remained steady / increased slightly are, in effect, under water too! And it's likely to get worse as local municipalities and school districts depend even more on property tax. And in some states, such as Pennsylvania, homeowners are basically powerless against tax hungry school boards, which themselves are between a rock and hard place, since they have to satisfy various contractual obligations (ie. teacher salaries, pensions, loans, etc) along with numerous state and federal mandates. Ron __________________ Domagon - Website Management and Domain Name Sales

02-08-2011, 05:54 PM	#6
scubadiver626 Confirmed User Join Date: Oct 2006 Posts: 1,034	I felt the pain from my neighbors moving in. I'd reckon Vegas was never the friendly block party neighborhoods every weekend, but to have a house you paid $400k now worth $130k has to sting. I feel like we got a great deal. The age of being house rich could be dead for us... but we can always hope for a suprise inheritence ;) __________________ AsiaMoviePass My Best Rebilling Site

02-08-2011, 05:47 PM	#4
fuzebox making it rain Industry Role: Join Date: Oct 2003 Location: seattle Posts: 22,117	Glad to be in that 29%.

02-08-2011, 06:03 PM	#7
candyflip Carpe Visio Industry Role: Join Date: Jul 2002 Location: New York Posts: 43,064	My dad has an office in Vegas. They bought a house out there a few years back that was originally built for around $400k. They paid $250k and if they wanted to sell it now...they'd list it for around $180. 4 of the 6 houses on their circle are empty. I live in Monroe County, NY - we're listed there as in the black. __________________ Spend you some brain. Email Me

02-08-2011, 06:06 PM	#8
mynameisjim Confirmed User Join Date: Aug 2007 Posts: 2,985	I would like to see that number broken down by actual people living the homes. There were a ton of flippers and speculators that were buying up properties so I'm sure some of those never had a family living in them and were bought as investments. Not sure how many though. __________________ jim (at) amateursconvert . com Amateurs Convert

02-08-2011, 06:20 PM	#9
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Half the homes in Florida are underwater and 21% of all houses/condos are vacant. Staggering statistic that won't get better in the short future. Really fucking sad ........... .

02-08-2011, 07:23 PM	#10
LiveDose Show Yer Tits! Industry Role: Join Date: Feb 2002 Location: Somewhere Out there... Posts: 25,792	Damn that is a crazy stat. __________________ Scammer Alert: acer19 acer [email protected] [email protected] Money stolen using PayPal

02-08-2011, 07:31 PM	#11
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	looks like NV, CA and FL are getting hit hard.... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

02-08-2011, 08:37 PM	#12
Seth Manson Please dont fuck animals Industry Role: Join Date: Jul 2010 Location: Henderson, NV Posts: 3,988	A couple of years ago, most of the homes in New Orleans were underwater. I'm here all night folks __________________

02-08-2011, 09:15 PM	#13
scubadiver626 Confirmed User Join Date: Oct 2006 Posts: 1,034	Many more short sales and forclosures are hitting the market right now and the investors/buyers are drying up. Mr. and Mrs. America are in trouble and need to save, while corporate USA is rebounding slightly. The rich poor gap continues to widen. WTF were Vegas buyers thinking... $400k for a 2k sq. ft. house 3 ft. from each other. __________________ AsiaMoviePass My Best Rebilling Site

02-08-2011, 09:18 PM	#14
Mutt Too lazy to set a custom title Industry Role: Join Date: Sep 2002 Posts: 34,431	show me bargain homes in Vegas, California and Arizona. __________________ I moved my sites to Vacares Hosting. I've saved money, my hair is thicker, lost some weight too! Thanks Sly!

02-08-2011, 09:26 PM	#17
DateDoc Outside looking in. Industry Role: Join Date: Feb 2005 Location: To Hell You Ride Posts: 14,243	NV real estate is predicted to drop another 8% in 2011! __________________

02-08-2011, 11:39 PM	#18
scubadiver626 Confirmed User Join Date: Oct 2006 Posts: 1,034	Some of the bigger properties might have room to drop... I can imagine 8%. We bought last Oct. and had multiple offers on every house we liked in the 130-150k neighborhood. Most of those represent such a good value, we're betting the bottom is in. Need a crap load of patience with short sales. __________________ AsiaMoviePass My Best Rebilling Site

02-09-2011, 07:27 PM	#20
Rochard Jägermeister Test Pilot Industry Role: Join Date: Dec 2001 Location: NORCAL Posts: 74,027	I live in Placer County, California, just north of Sacramento. At one point half of the twenty houses on our block were empty. Horrible. __________________ “The choice is no longer between right or left. The choice is between normal and crazy.” - Sarah Huckabee Sanders YNOT MAIL \| THE BEST ADULT MAILING SOLUTION

02-09-2011, 07:31 PM	#21
sologirlcontent So Fucking Banned Join Date: Jan 2007 Posts: 2,617	you can get some great deals in vegas now..I just got this lease w/ option to buy 3,000 sqft 3 bed 2 bath near Teller's house ( Penn and Teller ) TELLER'S HOUSE

02-09-2011, 08:30 PM	#23
BlackCrayon Too lazy to set a custom title Join Date: Jun 2003 Location: Ottawa Posts: 19,631	what do people expect? real estate prices were constantly going up while wages are decreasing or not changing. it couldn't last forever. __________________ you don't know you're wearing a leash if you sit by the peg all day.. Last edited by BlackCrayon; 02-09-2011 at 08:31 PM..

02-10-2011, 01:32 AM	#25
raven1083 Confirmed User Join Date: Jul 2007 Posts: 7,687	pretty nice find __________________ Femdom Stories \| Bound BBW Blog and Videos \|Bondage Sex Videos and Pictures Hardcore Japanese Bondage \| BDSM Movies And Galleries Mistress Cuckold CBT

02-10-2011, 01:41 AM	#26
scubadiver626 Confirmed User Join Date: Oct 2006 Posts: 1,034	"I was in B of A about 6 months ago adding my wife to my accounts. My representitive told me B of A stategy is selling their properties in three stages. What they consider the lowest value homes first just cutting their losses. Then if the market starts to turn they will release what they consider more desirable homes. Finally if the market gets better they sell the most expensive ones. Not sure how long they will holdout. He assured me if they tried to sell everything right now the market would really be devastated." __________________ AsiaMoviePass My Best Rebilling Site