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bucheon bum
Joined: 16 Jan 2003
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 Posted: Mon May 17, 2010 6:07 am Post subject: Do we ever learn? Building Boom in the West |
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NY Times article
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Home prices in Las Vegas are down by 60 percent from 2006 in one of the steepest descents in modern times. There are 9,517 spanking new houses sitting empty. An additional 5,600 homes were repossessed by lenders in the first three months of this year and could soon be for sale.
Yet builders here are putting up 1,100 homes, and they are frantically buying lots for even more. |
And is it isn't just in Vegas:
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| From the recession�s lows, construction has nearly doubled in Las Vegas, Phoenix and Tucson. It is up 74 percent in inland Southern California and soaring in Florida. |
Have builders forgotten that whole supply vs. demand thing? Well here is the "logic" behind it:
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| �Our customers wouldn�t care if there were 50 homes in an established neighborhood of 1980 or 1990 vintage, all foreclosed, empty and for sale at $10,000 less. They want new. And what are we going to do, let someone else build it?� |
So are these houses smaller and more practical? Nope.
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| Disregard what you may have heard about how hard times may usher in an era of restraint. �With our buyers, they always want bigger,� Mr. Canarelli said. An American West home introduced during the recession comes equipped with an elevator. |
And do you have to put down more money than before? Not necessarily. Thank you USA gov't!
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| A final incentive sealed the deal, this one courtesy of the United States government: he got a loan insured by the Federal Housing Administration, which meant his down payment was much smaller than a private lender would require. |
Perhaps the buyers are simply people who can now afford a house due to the drop in prices? Nope:
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| Another early buyer is Irving Hallman, an investor from Hawaii. �I understand Vegas has its ups and downs, but we did the numbers and this house will hold its value,� Mr. Hallman said. |
And of course you have the token quote from the upbeat finance employee:
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| �That�s an unsustainable environment � Grandma coming home, Johnny moving back in with his new wife,� Mr. Auth said. �They�re going to move back out. The great housing depression is nearly over.� |
Right dude. |
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Jeonmunka
Joined: 05 Oct 2009
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| Posted: Mon May 17, 2010 7:30 am Post subject: |
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Yep.
Also, look at what we have known about oil - yet we didn't downsize ten years ago but cars got bigger. The Dodge ute/jeep thing is a good example, I mean, those cars are huge and so we call them trucks which is very apt.
Not only can you carry your wife and two kids in one of those, you could have forty Mexicans in there as well. Sadly, we only ever see this vehicle with one sole occupant - the driver.
What a waste. |
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