Home prices return to 2004 levels, market watcher says

NO, NOT EVERY HOME, JUST SOME HOMES (about 8.3 % of the inventory).

And you’d laugh if you went to see the brand new “$150,000” home. Especially compared to Vintage Vegas’ charm, character, history, yard size, tree size and square footage. The “vintage” homes under 200 are typically pretty crappy, and need lots of TLC and money to be spent on them.  But that’s a different article than what’s being reported in today’s paper.  

Here’s THE WHOLE STORY By HUBBLE SMITH in today’s REVIEW-JOURNAL

The $200,000 home, once on the verge of extinction in Las Vegas, is making a strong comeback and some new homes are starting at $150,000, a local housing analyst said Thursday.

……

The real estate “gold rush” is clearly over, but the market will move on and eventually become stronger and better, Letchinger said.

“I guarantee you every home you buy is going to be worth more down the road. I can’t say when — three years, six years — but in the history of the world, land prices go up, construction costs go up,” he said.

“Las Vegas is a unique city unlike any other city in the country and always will be. Take advantage of it. Stick it out and you’ll be successful,” he also said.

And the MORTGAGE BROKER, Mark McGarry, who’s quoted in the article is who our own in house lender Steve Christmas works for. Why did I capitalize MORTGAGE BROKER? Read the RANT in the next post, and you’ll know.