[matginzac]

I call BS...
Who can buy them? Who can afford the taxes? Who can sell it when they lose their job?

[NOVACPA]

Zero Hedge breaks it down...

http://www.zerohedge.com/news/2013-02-26/case-shiller-home-prices-post-tiny-increase-december-driven-las-vegas-los-angeles

Even a casual glance at the below the headline data showed that the increase in December house prices were driven mostly by Las Vegas (+1.8) and Los Angeles (+1.14%). Where have we seen this before. Declines were reported in Denver, Washington, Chicago, Detroit, Minneapolis, Charlotte, New York, Cleveland, Portland, Dallas, Seattle. Excluding those, the Case Shiller was up much more.

[Para-Ord.45]

I call and raise you, total Bullsh*t !

” Detroit posted their biggest year-over-year increases of 9.9% and 13.6% “

Sales up, in Detroit !? 13% INCREASES on homes you can get for one thousand bucks !

Sales are up in Las Vegas but it is not individual buyers, it is institutional. Large companies have bought up the best foreclosures and then re-listed the same property for close to double the original price paid.

Las Vegas real estate right now is pure speculation by private equity .

This is just more ‘ All is well, do not run , do not panic ‘ bullsh*t.

[kanawa]

Who can buy them?

Chinese?

[riri]

This MAY have been true a few months ago. When I moved back to the Phoenix 'burbs in June, I needed a 30 day close. I had about 5 houses to choose from and pre-existing homes were going in one day with multiple offers. Inventory was tight. McMansions were back being built when in 2008-09, you could not give one of those massive homes away. They were selling for nearly the same price as a single story, half the size.

I just counted this morning, there are now 8 houses for sale on my immediate block and most of those have been for sale for months.