This fantastic piece of real estate can be yours for the low, low price of $10,000.
The latest in Review Journal's coverage of the foreclosure crisis is entitled
"Bottom-scraping prices for foreclosed-upon and bank-owned homes mean bargains for savvy buyers" with the optimistic subtitle "Investors snap up homes, looking to beat possible price turnaround"
http://www.lvrj.com/business/51132887.html
These articles by Hubble Smith always look for the silver lining, and continually try to put a positive spin on Vegas' demise by encouraging fence sitters to buy now. Mr. Smith has been urging people to buy damn near every day for years. In Hubble's alternate universe opportunities are a constant whether the market is peaking or scraping bottom. Lets just say this guy never lets the truth get in the way of a good pep talk. But lately, disturbing statistics have crept into Hubble's pieces. Take for instance this ominous statement "Home Builders Research President Dennis Smith said he's hearing from Realtors that real estate-owned assignments from the banks are increasing dramatically. Some of those are tentatively going to be listed at $40,000 to $50,000, he said."
REOs are increasing DRAMATICALLY. I guess the flood of phantom foreclosures the banks have been hiding are starting to hit the market . . . not to mention all the new foreclosures that are being processed.
Someone seems to have their finger in the dam.
So, will Las Vegas be the new Detroit? Well, I will say this. Las Vegas is a hell of lot more fun than Detroit, and if you can stand a couple of months of 110 degree heat, than pack your carpetbags for Sin City. And if an 1,160-square-foot, single-story home with three bedrooms and a bath, built in 1957, at 1389 Lawry Ave., near Martin Luther King and Lake Mead boulevards is your cup of tea, brother have I got a bargain for you!
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