60% of Vegas is underwater!

Hello welcome to Todd Miller TV, I read a report today with some very interesting news, I wanted to share it with you. What is stated was that 1 in 5 home owners is upside down in their mortgage. But what was more interesting The people they were under water basically. What’s more interesting is that here in Nevada it’s 60%. So, that means, 6 in 10, or 3 in 5 are when we look at it, 60% of the people owe more that their house is worth. So you probably think, “Oh my God, that’s terrible!” “prices are gonna probably gonna fall now, whatever.” So but, what’s interesting was this time a year ago, it was 67%. So there were 67% of people who were upside down. It has actually improved and the reason it’s improve is because, people have bought the houses that have been foreclosed so you take a/person is upside down, they either shortsale it or they get foreclosed on. And then what happens is someone typically comes behind them with cash. Especially if they got foreclosed. A lot of bank owned homes are getting bought with cash. They’re buying the house with cash, they’re converting it to a equity position; So that’s why the numbers improve. What’s really interesting is year over year prices really haven’t changed very much. So all the dim-sayers and the dim people who say prices are gonna go down I just sort’a/things are gettin a lot better. Here’s another interesting Statistic, last month here in Las Vegas, we had the most sales ever in a month. The total, not the total lower value, the total number of houses sold. The most number os sales, most ever. That’s a great sign for Las Vegas market. You know, a lot of it is because Investors have finally figured it out. That we’re a market worth buying in and there’s a deals. And people have seen that at the bottom end, we’ve gone about 2 years, a little over 2 years we’re at the bottom end and the market hasn’t changed very much. So I think people are seeing a lot of firming up in that area. So those 50/60 Thousand dollar properties are starting to look super appealing now since those prices are all supported by the cash buyers before them. So anyway, I thought I would share those two numbers, one is that 60% of people are upside down,but it hasn’t/ that’s improvement from a year ago, and then last month, the most sales ever. I thought they were really interesting. Anyway, that is my update for today, ofcourse if anything changes or if any new information comes out, I’ll certainly pass it on to you. And hope to see on another video. Thanks.