It’s been 232 years, and in spite of the excesses of government and citizens in recent years, the United States is still standing. That’s something worth celebrating.
We’re forgetting the "gloom and doom" around here today. John is keeping busy with the Royal Nova Scotia International Tattoo [I hope you're having fun John!] and I’m going to stay busy trying to keep my kids from burning down the Texas Hill Country. Fireworks are illegal in the Phoenix area, so my recently transplanted kids are way too excited about the possibilities today!
Have a happy and safe holiday!
Happy 4th Twist!
Affordable housing is not doom and gloom, don’t apologize for pointing out that there was a bubble. It’s not our fault, we didn’t create it or the pain that deflation is now causing. By the way…
Vegas median is now down $90,000 in the past 24 months! Only $225,000 in June.
Condo median down $67,500 in the past 24 months! Only $137,500 in June.
Wonder if the folks that jumped back in to the market 3 or 4 months ago still feel like they got a steal? How many of them will default knowing they are already upside down by $20k?
Vicious cycle indeed.
Have a happy and safe 4th of July everybody!
Rebel-
Good to hear from you!
No apologies for the “gloom and doom” from me. Who needs to apologize is Linda Rheinberger- former head of the GLVAR. Remember her telling people back in May of 2006 that sellers should wait six months to sell their homes because the market would be back then? Or maybe Murphy and Bottfeld with all their “Buy, buy, buy” comments? I wonder how many people have ended up in foreclosure or bankruptcy listening to these “experts”?
I’m just cutting back on the “doom” today to enjoy the Fourth.
“Who needs to apologize is Linda Rheinberger- former head of the GLVAR. Remember her telling people back in May of 2006 that sellers should wait six months to sell their homes because the market would be back then?”
I think that their current veep should do a lot more than apologize for his delusional spin. Unfortunately, he is still at it:
“Rick Shelton, the association’s vice- president (GLVAR), insists that the long-term future is rosy and, to illustrate his point, draws a diagram on a napkin in a local cocktail bar. It consists of a circle with the initials ‘BLM’ written outside it.”
“‘This is the map of Vegas,’ he said. ‘Inside that circle is the city. Outside it, everything is owned by the Bureau of Land Management. So there’s really nowhere else for the city to expand. And yet, the census bureau has forecast that the population of Vegas will grow from two million now to three million by 2016. There’s nowhere for those people to go. So this town is another Tokyo, with land as a commodity. You fly in here and you see desert and you think, ‘Building, building, building’. But it can’t be built on, so prices must go up. And all those Harvard economists are missing that key component when doing their prognosis of our market. The way I see it, we have been in check, and are now aligned for the next spurt, and I’m talking a power arc that’s got between seven and 10 years to run.’”
http://www.independent.co.uk/news/world/americas/down-and-out-in-las-vegas-860513.html
America, Bless God!
(why don’t we return the favor for a change?)
Russ-
Tokyo is actually a great analogy. They had a huge bubble that lasted for years. The assumption was with no more land, prices would go up forever.
What happened was what has been happening in Manhattan for years- you tear down smaller projects and put up big ones. [Manhattan RE has just turned south too, by the way]
Tokyo had a bust that lasted 14 years- and land has never really recovered.
It’s also baloney that the BLM keeps LV fenced in. The BLM has come to depend on revenue from LV land sales. Recent sales have been a bust, causing problems for the BLM.
LV isn’t running out of places to build soon- or ever.
The word from Igor: “nonsense”
Asset Hunter-
I’m with you.
I watched “Mr. Smith Goes To Washington” in the old Paramount Theatre in downtown Austin last night. Oh that we had more Mr. Smiths, and fewer Senator Paines.
Just to let you all know…the 4th is my birthday. I could get all teary eyed and patriotic about it but you know America is facing some very great challenges. Will she hold her head up and face it or are we all headed towards doom?
Faith is not he answer as it is only an emotion. It only feels good at the time. What we really need is people dedicated to solving the problems at hand and those courageous enough to speak truth to power. I believe we face the greatest challenge of our generation and the brave shall inherit the future. I’m counting on you America!
Bruce-
A belated happy birthday to you!
For myself, I need a good dose of faith to dedicate myself to trying to solve problems. Otherwise, it’s too easy to believe that I’m only one person, and couldn’t make much of a difference anyway.
Now we need people to draw on whatever faith or belief they may have that together we can make things better. Otherwise, they might fall prey to another emotion- despair. And that emotion can be deadly.
Twist-
Thanks. I quess I’m not much of a faith based person and do despair frequently. You are correct that Faith can be a motivator and uplifting thing for many people. Unfortunately too many folks are driven by Blind Faith. We need realistic solutions and faith peddlers are usually not in that market.
Bruce-
I don’t care much for that kind of faith either. I’ve been taught that “informed faith” is the better brand, and “faith without works is dead”.
It makes having faith a lot easier. : )