The latest Washoe County recording stats have just been released by our friends at Ticor Title. September saw:
- Re-fis continue to fall; down 15% from August’s number
- New homes sales up nearly 13% over August’s new home sales
- Resales also increased nearly 13% over August’s number
Washoe County resales hit 719 units in September. Though not shown on the graph, I had to go back to the bubble years to find the last time a month had at least that many resales. It was way back in June 2006, when 759 resales were recorded in the county.
Washoe County Notice of Default filings for September totaled 930; down 12.8% from August’s whopping 1,067.
Click on the charts below to enlarge.
tired of waiting
I thought this was the time of the year that Sales were supposed to DROP?
FutureRenoHomebuyer
Tired,
I believe the data for Sep/Oct/Nov will be skewed with last minute buyers trying to avail themselves of the expiring $8k 1st time homebuyer credit.
I expect a significant dropoff in sales/prices in Dec/Jan due to that expiration. Even if a new/higher credit is introduced, the period will likely be for a year, so there’ll be no sudden rush instigated as those left still qualified to use it will likely have a year to do so. Just my thoughts, fwiw.
NoKoolaid
719 sales. One-half of which were below $180,000.
20% of which were below $100,000.
Why not the whole story, Guy?
Martin
Realtors (and title companies) are now in an interesting situation. Of course they want to hype up the ‘market recovery’, so they put out the news that sales are going gangbusters. Not since the frenzy of the bubble,they say, have sales been so strong. Of course,what they leave out is that most all of the sales are at the bottom end of the market.
Meanwhile, every realtor in town now knows that he/she can do a lot better financially actually selling 7 $100K houses than spending 18 months trying to sell one delusionally overpriced $700K house.
Karla
I agree with you Martin, but I would suggest that the $700K house does not have to be delusionally overpriced for it not to sell.
I for one can agree that there are in Reno SOME houses that are really worth $700K. But the problem is that there are darn few buyers in Reno who can afford, really afford, to buy a $700K house. Darn few. My brother sells real estate, and from what I hear from him, mnay realtors now realize that their financial salvation in the coming years will not be found in trying to sell $700K houses. There has been a major shift in the attitude of a lot of realtors. 5 years ago they thought it beneath their reputation to take a listing below $500K. Now, most of them will kill for a sensibly priced listing at $200K.
Raymond
Does that 719 number include condos? Because if it does, then one-half of those sales were below $166K.
bob c
to the bears (of which i often am one):
my home was listed here in san jose , ca 95120
for what my realtor considered slightly under market on friday–open house sat and sun
the activity was immense…..i have 2 offers in
hand and my realtor is calling for all offers
by tuesday…..some doubters are saying i should
have asked for more…..my realtor says if you price it right the buyers will come (i agreed)
luckily, i have fantastic schools around that
distinguish my neighborhood (truly fantastic)
the offers i have are about 10% below peak bubble
price and i am over joyed (just under 7 figures)
and over asking price
my neighbors house has sat there for 3 months over priced
there is some real bite right now…..the dow is
up again (its rally has astounded me) and virtually everyone i know is scratching their
heads wondering if this is a predictor of better
things to come (healthy doubt—even perma bulls
are doubting—-yes i said bulls)
now i have to rent or live in my office until
i finish my jobs and can move up there
we are already rebounding or its a huge head
fake (i’ve heard the 1933 analogy already) and
i don’t know which way we are headed, but for
now ‘happy times are here again’
bob
Uh…. As repeated many times on this blog, the recovery is regional… & Reno is no San Jose.
RB
Where is Bantering Bear? We need his keen insight on this troubling good news. Please somebody piss all over this good news fast before people can get a little less depressed about the local real estate market!
DownButNot Out
Similar to bob c’s story, I got a call last night from the new buyers of my neighbors property. It just sold for approx. $1.4M. It had been on the market for about two months.
So some sales are happening out there. Granted the wine country isn’t Reno either, but if a RE recovery is going to happen, places like this getting back to normal sooner may become somewhat of an indicator for when Reno stabilizes.
Oh I know, jobs, inventory, average household incomes all will play a part, but in the big picture when more areas start to stabilize, Reno will be shortly behind, even in those 500K homes.
If only because it will be where retirees go after they sell.
BanteringBear
“Washoe County Notice of Default filings for September totaled 930”
Oh, yeah, good news indeed- NOT. Are you shills ever embarrassed by your ignorance, Raging Bullshitter? There is no such thing as a housing recovery when house prices are dropping and foreclosures are near records levels. A simple increase in sales at the expense of prices, putting more loanowners underwater is a far cry from good news. But carry on, challenged one, carry on.
Sully
bob, you’re quite right – Reno is no San Jose. That’s one of the things I love about this place.
No $500 million city hall that needs a 100K window washer and three people to operate it.
No $3 billion annual budget.
A somewhat civil city council, in that they aren’t manning the battle lines for every council meeting.
I could go on, but you get the point…..
BanteringBear
How fitting. Downer is in CA, yet he questioned why I would be commenting about Reno housing prices- a city in which I was raised and visit quite often. Oh, the hypocrisy. This is a pattern I see quite often amongst these types- talking out of both sides of their mouth. I’ve also noticed a propensity for them to post under multiple identities, no doubt in an attempt to distance themselves from their failings. Smarmy.
DownButNot Out
If you’ll recall last time you accused me of being an ‘outsider’ I pointed out to you that my son attends UNR, I have a deposit in on place in Reno, a business in Carson City, season ticket holder to the Aces, and hope to move one of my businesses to Reno soon.
That’s my story. If that’s hypocrisy, or you have a problem with that don’t read me.
What I did point out that you’ve yet to reveal what skin you had in the game, at least since I’ve begun reading here in mid 2007.Apparently hit a nerve.
But really, it doesn’t interest me anymore. I think readers can figure it out for themselves.
Worried Guy
BobC,
Try the 1930 analogy. Check your charts. If it turns out near the same, we’ll be buying in the summer-fall of 2011 at prices nobody right now can comprehend one iota. What you are witnessing is a denial ‘return to normal’ phase that normally occurs after a major attempt to reconcile the false debt based system in 2008. As the ‘return to normal’ phase passes, we will enter the ‘shock-dismay’ and then ‘acceptance’ phases.
FutureRenoHomebuyer
The much discussed property at 1025 Manor just got reduced in price to $539k. That’s $405/sq. ft. for those who won’t accept the “finished basement” as premium square footage, or $204/sq. ft. for those that will.
I think we can all agree that this property shows that a high degree of denial still exists at the medium to high end of the market, and I expect prices for places like this to crater over the next 6-12 months.
I remember when the agent got on the blog and rabidly defended the pricing. Seems her efforts would have been better placed scrounging up some $150k properties to list. FWIW.
Phil
Plain and simple, jobs. With a +13% unemployment the market still has a way to go. I heard on the radio that our market is consider one of the worst and still has another 12% to fall.
Now you can also make a case for the fact the 13% unemployed are for low paying jobs.
Until more companies hire high paying workers we will not see a recovery for a long time.
Tell me what Reed and other politicians have done to attract hi-tech jobs here? That is the difference between San Jose (where I came from) and here.
BanteringBear
Downer posted:
“What I did point out that you’ve yet to reveal what skin you had in the game, at least since I’ve begun reading here in mid 2007.”
I’ll tell you why I despise individuals such as you. You blow into Reno with your big money, fake money, credit, whatever, buy a couple of speculative investments, all the while driving up prices well beyond what locals could ever hope of affording, and all of the sudden you’re an expert on the scene because you’ve hemorrhaged a bunch of cash or fake equity. I’ve got news for you- you don’t know jack about Reno, or real estate for that matter, pal. Guys like you are a dime a dozen. You haven’t disclosed ANYTHING about yourself other than the fact you bought at the peak. Big effing deal, Downer. The idea that you’re qualified to discuss real estate on this blog because you’re a fool with money, yet locals who are waiting for something they can rightfully afford are not, is the most ludicrous, narcissistic stance I’ve ever heard of. Not surprising it comes from somebody in “the wine country.” My advice to you is to stay right where you are, because you won’t stink as much as you would around Reno.
Big Reno Fan
This is probably going to require a whole new post, but has anyone seen this news? Definitely the scariest Reno real estate news I’ve seen so far:
http://finance.yahoo.com/news/Veros-Releases-Quarterly-US-bw-3666689189.html?x=0&.v=1
Doug B. Cooper
Thanks for the post Big Reno Fan. Crazy seeing Reno above Las Vegas. Could it be all the homes out in BFE?
Reno Ignoramus
Oh please, I detect shades of the “Rich Californian” theory starting to be resurrected again. This was a big favorite of all the bubble deniers back in 2005-2006 as to why the Reno market had no bubble and why prices in Reno would not fall in any appreciable manner. The theory holds that it really does not matter what Reno household incomes are and whether Reno residents can afford to buy houses in Reno, because there will be a never ending supply of equity-drenched Rich Californians coming here to buy up all the houses in Reno. The theory was exposed for the total nonsense that it was as we witnessed the Reno market become one of the worst in the country with the median price falling about 55%. So much for all the Rich Californians coming here and propping up housing values forever.
Now it appears that some are attempting to bring the theory back from the dead with a slight variation…..the Rich Retired Californian. I suppose this variation will be that hordes of equity-drenched Rich Retired Californians will stream into Reno and buy up all the houses for sale, at huge markups from current prices.
The theory was nonsense in 2005-2006, and it is still nonsense today. It didn’t happen then, and it won’t happen now.
bob c
someone enlighten me as to BB’s interest in
the reno market? we all have biases or reasons
to be interested (no one does this as a public service) and being a newbie maybe i can understand the hostile dynamics that surround him
i share some of his beliefs or acknowledge their
possibilty, but i can’t understand his personal
angle in this market
thank you
SmartMoney
Bob C,
Can you provide the address of the house you sold in San jose? I want to try to see why it is only 10% under bubble prices as I have friends that are trying to sell in San Jose at 30% under bubble prices with still no luck. Thanks!
bob c
i’ll give to you after i get the offers and accept
one……that is propritery info until all offers
are in and a back up is put in place (i promised
realtor i would discuss no numbers…you never know)
its the zip code 95120 almaden valley
our public schools are shining bright and
we have no crime…its become a haven for
those that value those 2 items
the rest of san jose has been hurt….because
there are no distinquishing aspects one neighborhood to another
the better the location the better the pricing power……..because there are so few ‘nice’ areas
tell your friend i live in almaden valley (williams, bret hart and leland high) and he
should understand the picture
scroll through lower end 95120 properties and you’ll see what i mean
bob c
or just do a trulia neighborhood info and you’ll
see 95120 has widened the price per / sf to
all time high versus other parts of san jose
location location location
FutureRenoHomebuyer
Bob C,
You make a very good point, mentioning those top three priorities in real estate. Old Southwest Reno is another example of how location can insulate you against the downturns.
I’d love to live there someday, and continue to be frustrated by the fact that the Old SW continues to have “sticky” prices. Those old houses on leafy streets just haven’t taken the hit that the rest of Reno has. Only downside to this part of town is that the schools (elementary and grade school) aren’t as good as certain other neighborhoods (South Suburban and Caughlin Ranch, for example).
That said, who knows what winter will bring to RE prices throughout Reno? It’ll be interesting to see who’s eating crow come springtime 😉 .
Big Reno Fan
FRH –
I’m not sure what you’re using as your basis for rating the schools the Old SW is zoned for… Jesse Beck and Swope are consistently rated some of the best in the district.
I’m not saying the Old SW hasn’t taken a hit in current RE market, but the leafy streets, unique homes with character and darn good schools are why it continues to weather the storm better than any neighborhood in Reno.
DownButNotOut
RI – if was me you were referring to, (California Money)I firmly believe that Reno’s salvation will be from retirees. I base this on these assumptions; No income tax. Lower cost for housing. Good climate (IMO).Great people.
I could be wrong. It’s been pointed out earlier today. But WTH, it’s what I believe.
tired of waiting
Notice of defaults are down 12.8% over last months, while sales have hit numbers not seen since the boom days?
let me get this straight. what % of NOD’s become foreclosures? I thought I heard someone mention it was roughly 30-40%?
that would equate to roughly 300 foreclosures for the month yet 719 home sales.
If that holds true, then we actually may be eating into the foreclosure inventory finally, right?
nvmojo
I know of one person at my office who bought their house in August under one of their father’s credit while letting their house in Somersett go into foreclosure.
Another got a short sale offer on her own house and turned around and bought a short sale house a few weeks later. Banks are lending.
There appears to be a lot of creative financing still going on around here.
nvmojo
Oh, and let’s not forget the good old Family Trust routine.
Sully
nvmojo, I brought that fact up a few months ago. I was looking at a house (short sale) and followed the ownership trail. It lead to another house they purchased, just before defaulting on the one I was looking at.
This might explain where all the people that are getting NOD’s are going, as they are not showing up in the rental market and the population is not changing enough for the number of foreclosures.
I would have thought there was a law against that, but apparently no one seems to care or budget constrains have kept enforcement to a minimum.
Sane Economist
Tired,
The % of NOD’s that become foreclosures is a moving target ie. totally random.
Right now in places like Detroit, virtually no NOD’s are converting, as once that happens banks are on the hook for taxes etc. It makes perfect sense. Why be responsible for upkeep when there is virtually no chance of selling? Liens are booked against the owner. I expect this is beginning to happen in Reno as well. Thats why I wouldn’t buy in Reno with a ten foot pole. There are just too many variables. And please don’t kid yourself about inventory. I think if we knew the true figures it would be truely staggering.
I know we call all make predictions and hide behind cyber anonomity.
But I’m willing to bet anyone that todays $1 million asking price in IV, will exchange hands at 500k sometime in the next 4 years.
Any takers?
BanteringBear
“IRS probing home-buyer tax credit claims: report”
“(Reuters) – The U.S. Internal Revenue Service is probing more than 100,000 doubtful claims of a tax credit meant for first-time home buyers, the Wall Street Journal reported on its website on Tuesday.”
“Lawmakers have expressed concern that significant number of claims might turn out to be fraudulent, the paper said.
The IRS was investigating 167 “criminal schemes” involving the credit, according to the House Ways and Means oversight subcommittee, the paper said.”
http://news.yahoo.com/s/nm/20091020/ts_nm/us_homebuyercredit
longerwalk
BB-Geez, it took the IRS maybe 10 years to tighten up the loopholes for the Earned Income Tax Credit, so this doesn’t surprise me in the least. The Feds are not all over internal controls, IMO.
Dirtbagger
Wow,
Reading BB’s angry response to Down But Not Out, sparked a flashback about living in Reno nearly 30 years ago.
This was the early 80’s and at the time, Reno/Sparks was not exactly the Garden of Eden. The best employers in town were Sierra Pacific, Nevada Bell, and a few Banks. The local casinos controlled the politics and labor market.
About 30 of us relocated to Reno to work for a Fortune 500 company. These were first job out of college positions, and our pay was about on par with the locals. It did not take us Reno newbies long to find out that we were less than welcome in town. We discovered it was okay to come and spend our money, but after the money was gone, the message was quite clear – leave and go back where you came from. We coined this attitude the “Casino Mentality”.
Upon reading BB’s comments, I thought, Oh My God, it has been 30 years, can it be possible so little has changed? Are the locals still that angry and resentful, about outsiders? Are people who relocate here welcome only as long as they are spending money? Is the “Casino Mentality” so deeply ingrained, that it can erupt into a Mel Gibson Moment, at any time?
Since BB believes him/herself to be the expert on the locals, I will annoint myself as the expert on outsiders who bring our families, businesses, capital, professional expertise, and employment opportunities to Northern Nevada.
For the record, we brought our business to Reno in 2000. As commercial tenants we have paid over 800K in rent to local landlords. Our staffing has been as high as 15 employees.
A universal and constant complaint of all Northern Nevada employers is the subpar quality of the local labor force. Many local employees have a low commitment to their workplace, a low level of education and training, and a less than positive work attitude.
Did you ever wonder why there are so many warehouses and low paying warehouse jobs? Like many other companies, we eventually figured out the Reno area was best used as a distribution/warehousing center, allocating the higher level jobs to metropolitan areas.
Until the “Casino Mentality” attitude changes, Northern Nevada will always be a second rate economic center. Companies such as Mirosoft licensing and Intuit will use the Reno facilities as 1-2 year training center. The upper management positions and high salaries will be located in Seattle and Tucson.
What does this have to do with local Real Estate? A lot.
The growth of this area was not caused by people like BB and his ilk. It was hundreds of outsiders like Down But Not Out, who brought their business, capital and expertise to this area that created the growth and expanded opportunities for everyone. Like most businessmen, they worked their butts off to make it happen.
The casinos and local city hall slobs of the early 80’s, liked things the way they were. They were hardly open to the idea of growth which would result in sharing power and eventually allowing labor arbitrage. The handwriting was on the wall 10 years ago with the advent of Tribal Casinos, can anyone really believe that this cabal had the vision to diversify the regional economy. It was outside businessmen who were the fundamental drivers of change and growth in Northern Nevada.
Perhaps the locals did not get their fair share of the wealth that was created during the 1990’s early 2000’s. So what, who said life was fair? There is a constant bitch about how the area has changed. Too bad, I don’t remember local contractors withdrawing bids because of quality of life issues. Anyone who claims that the Reno of 30 years ago is better than the Reno of Today is suffering from terminal dementia.
It is the outsiders that BB hates so much that are the very ones who made this area prosper. Talk about hypocrisy.
There is a lot of thoughtful and useful information posted to this blog. I appreciate the many insights regarding local and national real estate trends. That being said, there is also a “kick them when they are down attitude” towards developers such as Fernado Leal and homeowners that made unlucky purchasing decisions that I find disturbing.
Okay, his timing was bad. The units were too expensive, perhaps he is/was greedy (not an uncommon human trait)etc. etc.
At least the man tried. He worked hard to bring the project to completion. He raised capital, provided for hundreds of local jobs and he had a vision (more likely an illusion) about a new downtown lifestyle. For crying out loud, give the guy a little credit. Compliments are free.
Many writers post about the local real estate market as if they are a hedge fund manager, buying and selling Real Estate like shares of Apple Computer. For those who derive their income from real estate, it makes sense. For most of us, real estate buy/sell decisions are complicated by many human factors.
– we may have owned a residence for over 10 years, and are mostly indifferent to the housing price change. We sold high and bought high or we sold low and bought low, it is all relative. Apparently, we are all kind of dumb, not like the some of the real estates tycoons that post here.
– we bought houses in good school districts so our children could have a better education. Perhaps we overpaid, or bought a little more house than we can afford. Perhaps, we believe Our children’s education is more important than the absolute value of our real property.
– we retired in Northern Nevada to buy or build our dream house. We sold our 1800 sq foot ranch-style home in a nondescript California suburb and bought a larger home with a spacious kitchen, granite counter tops, and a garage that is large enough to actually hold two cars. Are we happy that our home value has decreased? No. Was it a bad decision to fulfill the lifestyle we want? No.
– we planned on expanding our family size, so we decided to buy a bigger house rather than trade up at a later date. We may have gotten in a little over our heads. Does this make us greedy speculators?
– perhaps we are very successful financially, we want to build a house that displays our wealth.
– job transfer etc.
The plus 500K homes will eventually recover, but like most of the posters I expect some tough times over the next 1-2 years. The dream of the beautiful house, with the view, with the nice yard, in the right school district never ends. It just gets postponed. Those of you who post otherwise and are basing their assumptions on very logical economic fundamentals are simply ignoring the power of the human factor.
BB – it will be all those outsiders you hate so much who will restore equilibrium to the local real estate market.
BTW – no point in posting love it or leave it replies. We have always felt that Reno/Tahoe area is very beautiful and have mostly enjoyed the last 10 years living here. We have made a decision that an uban, multi-cultural experience is as important for our children as secondary school curriculum and plan to return to West LA. Besides, my wife hates the cold and misses the ocean. We will retain some business functions in Sparks, so will still be traveling here on a regular basis and will eventually sell or downsize the 500k plus home. I guess time will tell who is correct about the outlook for these homes.
bob c
dirtbagger—
agree or disagree that is a beautiful piece of prose
DownButNotOut
I agree with bob c on that.
I saw the name dirtbagger and thought for sure Derrick was back. Not so at all.
Now RagingBull = Derrick? I might believe that.
BanteringBear
Wow, Dirtbagger. Lots and lots of generalizations and untruths in your post. My post was directed solely at Downer, specifically regarding his perceived criteria for determining who is, and is not, qualified to discuss real estate on this blog, but apparently it hit a little too close to home for you, huh?
You seem to be very opinionated and judgmental when it comes to others. When you say “A universal and constant complaint of all Northern Nevada employers is the subpar quality of the local labor force”, you insult the intelligence of the people of the area. You follow this up with “Many local employees have a low commitment to their workplace, a low level of education and training, and a less than positive work attitude.” Could it be that the reverse is true? That locals are tired of wealthy, greedy outsiders (Dirtbaggers) showing up and providing low paying, low skill jobs all the while expecting cheery attitudes and a high level of productivity for which their compensation is not commensurate?
Most northern Nevadans welcome newcomers. If you ask transplants, they’ll mostly tell you that the people in Reno are friendly. If you felt less than welcome in Reno, then you’d really have a rude awakening in most other states. I, personally, have nothing against transplants. I am one, in another state!
“Did you ever wonder why there are so many warehouses and low paying warehouse jobs?”
No, I never have. It’s quite clear that it’s cheaper to conduct such business here than in CA. It’s a no-brainer. The reason Reno has a low skill workforce is because of parasites like yourself, evidenced by your comment:
“Like many other companies, we eventually figured out the Reno area was best used as a distribution/warehousing center, allocating the higher level jobs to metropolitan areas.”
You then go on to lie:
“It is the outsiders that BB hates so much that are the very ones who made this area prosper. Talk about hypocrisy.”
I never said I hate outsiders. You made a false assumption.
Another gem:
“The growth of this area was not caused by people like BB and his ilk. It was hundreds of outsiders like Down But Not Out, who brought their business, capital and expertise to this area that created the growth and expanded opportunities for everyone. Like most businessmen, they worked their butts off to make it happen.”
This is pure horsesh!t. A lot of this “growth” you speak of was completely unhealthy, and had to do with large corporate builders and big box retailers moving into the area and exploiting the cheap land, etc. When the tide turned, they left the area holding the bag. This was NOT a net gain. It was quite unhealthy. You even go on to say:
“Perhaps the locals did not get their fair share of the wealth that was created during the 1990’s early 2000’s. So what, who said life was fair? There is a constant bitch about how the area has changed. Too bad, I don’t remember local contractors withdrawing bids because of quality of life issues. Anyone who claims that the Reno of 30 years ago is better than the Reno of Today is suffering from terminal dementia.”
You are clearly of the “I got mine” variety, and need to go back to “West” LA so you can be surrounded by the same sort of rot. A large portion of the sustainable small businesses in the area were created and are run by locals. Several of whom are personal friends. They care about the community, and have an interest in what’s fair and equitable.
“BB – it will be all those outsiders you hate so much who will restore equilibrium to the local real estate market.”
No, it won’t. It will be the aforementioned locals with roots and an interest in the sustainable future of the area, not phonies from SoCal who can only eek out a living in bubble times, but disappear like an empty suit when the going gets tough, rather than putting in the hard work required to get through. Good riddance to you, Dirtbagger.
RagingBull
Downer,
I ain’t no Derrick.
I also don’t have a crystal ball, nor does anyone else on this blog. What tickles me most are those with a sense of absolute certainty and conviction in their assertions. That type of hubris is a sure recipe for eventual disaster, regardless of the topic in question.
We can argue ad nauseam as to whether there is deflation, inflation, boom, bust, good deals, or sucker’s bets. Here’s some secular issues that you cannot argue against:
1) Dollars are being printed into oblivion, meaning eventually it’ll take alot more dollars to buy everything, including real estate.
2) The world keeps populating itself into oblivion. More people equals more demand for housing.
3) New home building is at a standstill. Eventually, the supply will run out.
Now, there is an awful lot of supply out there right now due to REOs. But do not subject yourself to the fallacy of pessimism. It is always darkest before the dawn. That supply is starting to get sopped up. Just look at Guy’s stats.
Bottom line: If you’ve found a place that you like and can afford, it’s a hell of alot less risky to buy today than it has been any time in the last 9 years. If you’d rather wait and see what happens and rent for a while, that’s ok too!
DownButNotOut
My sincere apologies for the suggestion. I forgot what I realized before, you write too well to be ‘Derrick’.
skeptical
Dirtbag,
One of your soundbites gave me a belly laugh:
“We have made a decision that an uban, multi-cultural experience is as important for our children as secondary school curriculum and plan to return to West LA.”
West LA? Multicultural? Is that Bel Air, Beverly Hills, or Santa Monica? Yeah, lot’s of crips and bloods in those barrios with which to ejumacate the kiddies.
Can anyone out there argue against me that California is the most completely FUBAR state in the nation? $30B deficits, taxes going through the roof, an inability to govern, horrible schools…
Unless you got the kiddies in a private school in 90210, but, then, oh yeah, what about the multi-cultural stuff??? Not many new immigrants there in those schools….
Dude, any credibility you had got blown out with your upcoming move back to the land of milk and honey — West LA. Oh yeah, lot’s of friendly people there, too……not! As BB might say, BWAHHHAAAAHHHAAA. You can have it. Bye Bye.
Can’t wait to buy that REO you’re walking away from.
Sully
Dirtbag, I’m sorry but my curiosity has the best of me.
It sounds like you are disappointed that there are no highly skilled high tech workers waiting in the trees for jobs here.
Why should they be here, when all the work is in the Bay Area. There was an article a few years back in Silicon Valley that said college grads have to hit the job running, as they are already behind the curve because of the leading edge tech.
High tech has to keep pace or die. Until there are companies located here, high tech workers will go where they can get high tech jobs.
I wouldn’t expect to find farms in Berkeley anymore than I would expect to find skyscrapers in Modesto.
So if you came here with this intention, it sounds to me like you didn’t do your homework first.
E.Edward
BUYING NOW VS WAITING??
There’s absolutely no rocket science here! If interest rates were not temporally/artificially low the housing market would be completely wiped out? And prices would have been well on there way to correcting them-selfs to realistic affordable levels, {Keeping home prices artificially inflated is not the economy’s cure…Its the poison}}
OH SURE.. The Realtors making a case for buying now vs renting “Buying is cheaper” bla bla bla
Thats great until down the road after the euphoria of having a new home wears off {and your Realtors long gone, Counting there commissions} and you realize that your home is now worth $40,000 less than you paid, And now you find yourself trapped, No refinancing, No upgrading, No relocating, Just stuck carrying all the benefits of negative equity hoping for some kind of miracle from Uncle-Sam..
Most of the current buyers will agree with you? The market does have incredible evidence to continue to fall, But there in it for the long haul and don’t care about price just the payment?
{Mimicking there Realtors sales pitch}… Is that about the stupidest thing you’ve ever heard??
These are the same kind of people that were duped into buying 04-05 and 06
I SUBMIT THIS: Wait be patient? Keep your-self mobile, Rent a little longer, See how this very volatile market plays out? So you piss off a little more rent money BIG DEAL! Better than being stuck with negative equity carrying the payment,lost taxes etc etc. For who knows how long?….
One thing looks to be certain… There’s going to be plenty of inventory to choose from?….
skeptical
E.Edward,
While I don’t disagree with much of the substance of your post, by your grammar, spelling, and syntax I’ll hazard a guess that you are a………teacher??
Just wunderin’…
Raymond
Is this blog being taken over by crazies who can’t even remember what they said three days ago?
“What tickles me most are those with a sense of absolute certainity and conviction in their assertions. That type of hubris is a sure recipe for eventual disaster, regardless of the topic in question.”
Raging Bull,
October 20, 2009, at 3:41 pm.
“Bears, your moronic mantra has grown tiring. Don’t fall victim to not being nimble enough to change your attitude with a changing environment. I call the bottom. And it is NOW”.
Raging Bull,
October 17, 2009, at 11:10 pm
Absolute certainty? hubris?
jezzus, dude, any modicum of credibility requires that you can go more than 72 hours without making yourself look like a fool.
Martin
Great call, Raymond. I noticed the same absolute contradiction from Raging Bull. He blows onto the blog claiming the “bottom is NOW” with the exact hubris and “absolute certainty” he says 3 days later is a recipe for disaster.
willk
Ah yes, the multi-culturalism of L.A. How I miss the used diapers littering the sidewalks.
DownButNotOut
Ironic that the criticism is against a guy that relocated, brought jobs here and actually contributed to Reno’s economy. Are you really ready to defend Reno vs. West LA? Haven’t the statistics that have been shown the last few days made anyone realize this will always be the last place in the Country to recover from the recession/ depression unless you change your attitude????
willk, your probably of the same group that puts down the downtown pointing out all the homeless and urine infested walls.
Raymond, nice to pick out comments made on a blog over a few days to show discrepancies -that can be proved about most everyone.Write more, then it’ll be our turn.
As Sully suggests, I may do a lot more research as to the labor pool before I relocate to Reno.
bob c
this blog is my favorite reading
and dirt-bagger i took my son at age 11 or 12
to watts (during day) to play some street ball
and it was one of his most memorable days–we
had a blast