MASSIVE VEGAS REAL ESTATE SCAM: Thousands Vacant Houses Kept Off Market by State Law, Reid’s fingerprints all over… AB 284 created another bubble? California: Real estate market has gone full Chinese!!!

Once again folks, America’s realtor crooks at the NAR (Nat’l Assoc Realtors), have managed a sleight of hand in the desert destination of adult fantasies.
By a crooked legislature, they have kept banks & lenders from formally foreclosing on over 60,000 vacant houses since 2011.
But the out-and-out ROT is now reaching a fever pitch, and Vegas’ economy is NOT coming BACK—-nowhere strong enough to absorb all this phantom inventory
LAS VEGAS, AMERICA’S NEWEST ‘CHINESE GHOST CITY’
Let’s face it, the Las Vegas real estate market has gone full Chinese.  By full Chinese I mean a centrally planned bubble has been created that is just asking to blow up.  I’ve covered the renewed insanity of the Las Vegas market before, but this article from yesterday’s Wall Street Journal provides even more detail.  In a nutshell, as a result of Assembly Bill 284, which essentially made foreclosures impossible in Nevada, extremely delinquent homes are not coming for sale, and this phony market signal is leading to rampant overbuilding and price speculation.
Here are some numbers. Utility data showed nearly 64,000 vacant homes in Las Vegas at the end of last September, only 8,000 of which are on the market. Meanwhile, new home sales are up 87% and new building permits are up 52% this year. What’s the end result? Another bubble, but this time one where Blackstone and other private equity firms are pricing out average citizens with elevated all cash bids.  USA! USA!  From the WSJ:
http://www.zerohedge.com/node/476281
Chinese buyers heavily focused on California real estate: 70 percent of purchases made by Chinese buyers are all cash purchases.
The amount of all cash offers being made across the country is deep into record territory.  Once again, the real estate market is crawling intounchartered waters here.  We all know about the flood of money coming from hungry Wall Street investors ravenously chasing yields in the rental game.  What about foreign money floating into the market?  Data on this is hard to come by but anecdotally we know that money from China is flooding into California.  How much?  Hard to say but some good data was recently released regarding the buying habits of foreigners.  Some will remember when Japan lived through their boom and money flooded into California then as well.  The big difference this time is that China has more than 1.3 billion people versus 127 million for Japan.  In other words, the potential for a high volume of activity is now starting to be seen in dramatic fashion.

Chinese purchases focused on prestige locations
One of the most interesting figures regarding international demand is with the typical amount spent on a purchase:

Source:  CNN Money

“(CNN Money) At a median price of $425,000, the Chinese are also buying more expensive homes than other foreign buyers, who spent a median of nearly $276,000 on U.S. homes. And nearly 70% of those pricey Chinese deals were made in all cash.
Nowhere is the influx of Chinese homebuyers felt more strongly than in California, where more than half of the homes sold to foreign buyers went to Chinese nationals.”

http://www.doctorhousingbubble.com/chinese-real-estate-buying-china-housing-california-purchases/

Real Estate shortages???? Wow who would’ve thought!!!
This is getting interesting… Buyers accross the country are having difficulty finding good homes!!! LOL what a flip from even a year ago!!! Rents have gone up accross the country!!!
In June 2011, we wrote a column entitled “Are we headed for a housing shortage?”
One year later, in June 2012, we sounded the bell again, with a column called “Is a housing shortage just around the corner?”

Now that we’re closing in on June 2013, it looks like that housing shortage is at our doorstep.

Back in that 2011 article, we laid the foundation for what appeared to be the basis of an impending shortage. Specifically, we said:

What most people fail to recognize is that our population is constantly growing. Right now, the United States has about 310 million people. We’re the third largest population in the world, behind China and India. In the 2000 Census, the U.S. population was 281 million, so we’ve grown by 10 percent in the last 10 years.

Some might think that as the baby boomers begin to die off, our population could actually decline. But that’s not true. Our population will continue to grow, albeit at a somewhat slower pace. It is estimated that by 2030, we’ll be up to 364 million people, and by 2043, the number of Americans will push over the 400 million mark.
http://www.capitalgazette.com/news/business/columnists/realities_real_estate/the-realities-of-real-estate-here-comes-the-housing-shortage/article_8eaebd99-fd8e-5f0e-8fc8-1e3c2e629d04.html
AB 284 Update – April 2013

AB 284 winners and losers in the Las Vegas Real Estate Market
AB 284 Las Vegas Real Estate Update for March 2012 Assembly Bill 284 indicates that there are winners and losers in the local economy relating to new law AB 284. The Las Vegas resale home inventory is near a record low. Who are the winners and losers? Is now the time to buy a home in Las Vegas? How is the new law affecting prices GLVAR Realtor Steve Hawks provides valuable information about the current Las Vegas Real Estate market conditions? Call Steve 702-458-3999 http://www.shortsaleczar.comshould your short sale or live for free? walk away or don’t pay and stay reduce mortgage principal las vegas short sale / henderson short sale agent
Has AB 284 created another Las Vegas real estate bubble?
AB 284 has created the best market for new home builders since 2005 and we have seen the making of the AB 284 bubble some Las Vegas homes have appreciated over 30% since January the home on millcroft was purchased off the mls for 88,000 dollars it was sold in less than 30 days for 130,500 wow over 35% profit in 30 days that’s better returns then the 2005 bubble the new law AB 284 has created its own real estate bubble just like 2005 popped so will the AB 284 bubble pop. This is the tax credit on steroids after the tax credit prices plummeted 5 consecutive quarters when notice of defaults or judicial foreclosures return then prices will fall to pre AB 284 prices just like the tax credit prices fell to the pre tax credit price. All major analysts have reported that AB 284 has delayed the recovery and had forced current home buyer to pay higher AB 284 bubble prices and when the current buyers need to sell in the near future they will be known as the AB 284 short sale sellers.http://www.shortsaleczar.com has this law helped bank America? Has this new law helped short sales?
http://lasvegasrealestate-stevehawks.com/videos/34-ab-284-las-vegas-real-estate-winners-and-losers-short-sale.html