Has a housing market in a top 50 US city gone down 80% since WW2? What is even the highest? Probably LV and a few places in FL in '08 and maybe like Houston during the 80's oil bust or something.
For houses to be worth 500k to 100k and 250k to 50k, you basically need to turn an area that was vibrant 2 months ago into Iraq. I don't think you're really grasping how big of a downturn that is.
It probably won't even be as bad as it was 12 yrs ago since the debt in the system wasn't nearly as overly leveraged.
I guess we're just going to have to wait and see how bad it's going to get in Vegas. You're guess is 20-30%. Mine is 80%. If it ends between there that'll be enough to possibly present some value. When the leveraged players start blowing up I think you'll be shocked at how fast prices will fall.
I purchased a foreclosure here a few years ago that previously sold for more than double what I paid more than a decade prior. Kept my former house as a rental. I also bought a small rental late last year for pennies on the dollar. Las Vegas is a place I've wanted to have spot since I'll be able to spend more time there as I near retirement. The coming crash there will present a great opportunity.
Why use the WW2 timeframe? Crashes before then aren't part of what you consider history?
Dave, it has more to do with ignoring a forum dumbass than anything else. You're in Henderson, enjoy the ride lower.
I purchased a foreclosure here a few years ago that previously sold for more than double what I paid more than a decade prior. Kept my former house as a rental. I also bought a small rental late last year for pennies on the dollar. Las Vegas is a place I've wanted to have spot since I'll be able to spend more time there as I near retirement. The coming crash there will present a great opportunity.
Why use the WW2 timeframe? Crashes before then aren't part of what you consider history?
Dave, it has more to do with ignoring a forum dumbass than anything else. You're in Henderson, enjoy the ride lower.
hno:[FONT=Verdana,Tahoma,Arial,Calibri,Geneva,sans-serif]If it happens it will only affect those looking to sell. Back in 02 I bought a
4 bedroom for 205k that included 20k of upgrades. Since then it's value has been
as high as 406k and as low as 160k. Currently 360k.
Eventually I'll die and my daughter will inherit it. It's all meaningless to me. [/FONT]
Well, it seems tough times are here for Airbnb Inc., as a new headline has hit the wires on late Tuesday detailing how the company is expected to lay off up to a quarter of its workforce, or about 1,900 employees, two sources told Reuters.
Another source said the official announcement has yet to be made, as staff members will be told about workforce reductions on Tuesday.
Reuters notes that the home rental startup suspended all its marketing activities to save $800 million in 2020 as the tourism industry has collapsed because of coronavirus lockdowns. The company has also said the founders will take no pay for six months, while executives will see a 50% reduction in salary.
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Employees that are affected by the cuts will receive four months of salary, "accelerated equity vesting, and health insurance for a year," one source said. Another source said the official announcement has yet to be made, as staff members will be told about workforce reductions on Tuesday.
Reuters notes that the home rental startup suspended all its marketing activities to save $800 million in 2020 as the tourism industry has collapsed because of coronavirus lockdowns. The company has also said the founders will take no pay for six months, while executives will see a 50% reduction in salary.
My dad lived in Summerlin for roughly 7 years until 2006. He got dementia and we had to sell. We completely lucked out on the timing. He bought for $130,000 and ended up selling for $290,000. It was a time I don't see repeating In our lifetime. All sorts of leveraged loans and loans based on false income. Anyone that says it's easy to get a loan right now clearly hasn't gone through the lending process recently . My wife and I just put down 50% on a house in the Texas area and it was still like pulling teeth to get that loan. Same thing happened to a friend of mine with more consistent income than myself and my wife. Our biggest issue was the income was somewhat seasonal and the lender didn't like that. I've been hearing from people since roughly about 2014 that they were just waiting to time the real estate market. Ultimately it doesn't matter if our next recession sees drops of 20% to 25%, because the appreciation has been so much more than that since that time. And it's certainly been significant since 2008. Clearly a 20% to 25% drop for you is not going to come close to that low of $160,000. 80% is just stupid.
