Las Vegas Realtor Steve Harless - RE/MAX EXTREME 702.217.1680: June 2008

 What a vicious cycle we are seeing today...People will never forget the summer of 2008 with high gas prices, foreclosures, housing decline in the US.

 Click here to High-flying tech stocks crashed. The roaring housing market crumbled. And oil, rest assured, will follow the same path down. By Shawn Tully

It is an excellent article on why what goes up, MUST come down.

Shawn goes on to say why  Arguments that $4-a-gallon gas (or even higher) is here to stay are dead wrong. Housing's boom-and-bust cycle tells you why.

other info on oil:

Crude oil: 6 culprits taking the heat

 Oil surges $11 to record $138

Gas prices just shy of record

 Six fixes for pricey gasoline

New Update: here we are a few months later...and the oil bubble is popping at 121.00 a barrel!

Is it true? is the boogeyman really dead? then that means we can pull out of the far east! Mission accomplished! that is exciting....All those Billions of dollars paid off after all! oops. did I say that?

go to :46 and you will hear him say that Bin Laden is dead.

That would be refreshing....Now no one can keep Americans in fear. For the record, This is not a political endorsement of anykind by the way.

Earlier today, I was asked by another agent when I thought the Las Vegas Real Estate  market was going to hit bottom. (wish I had a crystal ball) I said that there is a glut of short sales/foreclosures that could slow down the recovery of the market and I personally think in my opinion that an upswing could begin in early 2010. A report in the review journal said the market would go sideways for another year. Keep in mind, people still need a place to live, and with 9000 people a month moving here (minus 3000 people a month leaving) we have a transient population that will need rentals/homes for years to come.

That being said, I read this article The Sub Prime Meltdown is but the Tip of the Iceberg and agree the Next Phase of an Unravelling Crisis is going on now. take time to read the report, its really informative.

Read about it here - Looks like we are in the 3rd or 4th inning of the home foreclosures. The delinquency rate jumped to 6.35 percent in the first quarter, compared with 5.82 percent for the three months earlier. Payments are considered delinquent if they are 30 or more days. Both the rate of new foreclosures and late payments were the highest on record going back to 1979.

US banks fear accounting changes could impact lending as they force $5 trillion of assets back on to their balance sheets

A storm is brewing and it looks like this one will not go away for years to come. Read here

The article goes on to say: Analysts at Citigroup said a planned tightening of the rules regarding off-balance sheet vehicles would force banks to reconsider arrangements and could result in up to $5,000bn of assets coming back on to the books.

And just when you thought interest rates looked REAL good. I see a Jimmy Carter style revival of high interest rates coming to a real life movie theatre near you soon.

You work hard all your life on The Tonight Show with Johnny Carson. All those great years on TV.

Then this happens: Ed McMahon May Lose Beverly Hills Home

Mr. McMahon, an icon on American television for decades, is one of the most recent victims caught up in the mortgage crises.

Is there hollywood group that can help him? Ed McMahon broke his neck in a fall about 18 months ago and hasn't been able to work...Agents spread the word. Maybe a solution can be found. If Johnny Carson were alive he would help!

Battling to relieve stressed credit markets, the Federal Reserve said Tuesday it has provided a total of $435 billion in short-term loans to squeezed banks since December to help them overcome credit problems.

The central bank announced the results of its most recent auction -- $75 billion in short-term loans -- the 11th such auction since the program started in December.

It's part of an ongoing effort by the Fed to help ease the credit crunch, which erupted last August, intensified in December and January and took another turn for the worst in March.

Question is...what does it really mean??