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Feb
06

Is now the time to buy or sell a Las Vegas home?

By Kathryn Bovard

How common are housing bubbles? In a recent article from The New York Times, Robert J. Shiller, professor of economics and finance at Yale, explores the question of how common housing bubbles are, and what’s more, if we should expect another one soon.

Schiller argues that the most recent housing bubble and burst is unlike any other housing cycle in history, nationally or internationally. Prior to our current market, housing bubbles had been smaller and more regional. But by examining past booms and busts in the market, Shiller hopes to give us insight into our present situation as well as guidance for the next decade.

The 1970′s sets itself apart as the only decade in the early 20th century to have a bubble of national significance. The cause? An increasingly growing belief that the earth would not be able to sustain the growing population and in turn land would be in greater demand, thus raising its value. Then the Federal Reserve came down hard on credit in the U.S., bursting the bubble and leading to the recessions of the early 1980′s. Although there were scattered housing bubbles prior to this, they were infrequent, usually decades apart.  The larger bubbles, such as the farmland bubble that Schiller mentions, were also either infrequent or unprecedented, and many of these occurred in times of less regulation aimed at stopping bubbles.  This all  suggests that the current housing bubble will also be rare.

Ultimately Shiller maintains that given the history of land bubbles combined with the new policy restraints, a new housing bubble looks unlikely to happen again anytime soon.  Though it will take some time for the housing market to recover, the ultimate source of bubbles is the way the public thinks about a market.  With bubbles, the culprit is unfounded enthusiasm.  And since most people, Schiller says, view housing as an investment, we won’t likely hear any “pops” in the future.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Related posts:

  1. Now Is a Great Time to Buy a Home in Las Vegas
  2. Is Now The Time to Buy a Short Sale Home in Las Vegas?
  3. Las Vegas Short Sale Time Frame

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  1. [...] Greater Las Vegas Association of Realtors reported that cash buyers made up 51% of all homes purchased in January, a first ever for Las Vegas. And this number will only be increasing due to Las [...]

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