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dictators_rule
Joined: 08 Jul 2003
Posts: 6309
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Posted: Sat Aug 22, 2009 3:40 am Post subject: When an empire falls it looks like ... Las Vegas ?
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Good article from Time Magazine : Less Vegas: The Casino Town Bets On a Comeback by Joel Stein .
http://www.time.com/nation/article/0,8599,1915962,00.html
Talks about the real estate market , a millionare who wants more credit and complaining strippers.
Excellent article but I found the portion about a real estate agent the most telling . Basically coaching people on how to get out of an underwater house/mortgage and buy another house for less. You're supposed to stop paying on your original house / mortgage , cry poor and ask to sell the house short ( for less than it's worth ) then take the money and buy a similar house for less money.(But it's Vegas : greed and American way) .
But the most brilliant quote or line in the article was when the real estate agent sums up the poor condition of houses she must deal with - " This is what an empire looks like when it falls " . Las Vegas is/was the symbol of American GREED and yet it is quite literally in ruins in many cases -and currently CHEAP
Great Article
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Nofsdad
Joined: 06 Jul 2003
Posts: 8380
Location: Central CA
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Posted: Sat Aug 22, 2009 6:48 pm Post subject:
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They didn't learn a damned thing from the mortgage/real estate scam. They're already out there promoting new real estate/mortgage scams. Geez!
Is there any hope at all left for this country or do we just abandon it all to the low grade con artists... oh wait... entrepreneurs... yeah, that's the ticket... entrepreneurs ?
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mdovell
Joined: 22 Dec 2007
Posts: 461
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Posted: Tue Aug 25, 2009 8:29 pm Post subject:
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I won't argue with this because you are right. Let me show you something that will make your jaw drop.
I don't know if you ever heard of him but here is.
Casey Serin.
http://en.wikipedia.org/wiki/Casey_Serin
Buying a house when you are 20 is one thing...
Buying one when you are 20, twenty three buying another and SEVEN more when you turn 24 is um....nuts
And now he wants to buy an island
http://island2012.com/
If you want to dive into real estate stuff there's a far amount on patrick.net and others. It was one thing to have the hype of the internet bubble..ok fine I was burned a bit. It's another for a credit and housing bubble.
After 9/11 we were so afraid of entering a recession that we slashed rates to the floor...we tried to bring them back up but then we had to lower them again. People bought homes they couldn't afford, people were scammed...I've heard of some houses being sold to illegal aliens...there's a term called a ninja loan (no income no job anywhere)
Lastly I'm predicting that vegas is going to really look bad when these lines cross...what? Basically I'm predicting that in six to nine or so months the average house in Detroit is going to be worth more than that of in vegas! Think of all the layoffs in the auto industry in the past 35 years...and this other market is sinking faster...
www.housingtracker.net/asking-prices/las-vegas-nevada
www.housingtracker.net/asking-prices/detroit-michigan
My prediction might be off in duration but I'm sure it will happen.
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