Doc
Doc
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October 5th, 2010 at 6:46:26 PM permalink
Quote: JerryLogan

Take a look at the foreclosure rate in LV brought on by 2nd mortgages to finance gambling habits ....


Actually, I would be quite interested in taking a look at that, if the relevant data is available. Do you have any source of reliable information about how many 2nd mortgages (numbers or percent of total) were taken out specifically to finance gambling habits? It would also be interesting to know the relative foreclosure rates of gambling-induced mortgages vs. mortgages used for other purposes. Any information on those issues? If not, I guess there isn't really much actual meaningful data to take a look at -- just a bunch of folks whose housing debt exceeded value and/or who couldn't meet payments for whatever reason.
mkl654321
mkl654321
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October 5th, 2010 at 7:35:55 PM permalink
Quote: Doc

Actually, I would be quite interested in taking a look at that, if the relevant data is available. Do you have any source of reliable information about how many 2nd mortgages (numbers or percent of total) were taken out specifically to finance gambling habits? It would also be interesting to know the relative foreclosure rates of gambling-induced mortgages vs. mortgages used for other purposes. Any information on those issues? If not, I guess there isn't really much actual meaningful data to take a look at -- just a bunch of folks whose housing debt exceeded value and/or who couldn't meet payments for whatever reason.



He has no idea. It's a myth that everybody who lives in Vegas is a gambling-addicted fool. 90% of it looks just like any other city, and 90% of its functioning has nothing to do with the casinos.

Of course, there's no data on just how many second mortgages were taken out "to finance gambling habits" (I doubt that anyone would put that on their loan application), so any assertion about those mortgages is, how shall I put it, unfounded. Jerry specializes in such assertions.

Besides, "to finance gambling habits" is a loaded phrase. Most local gamblers lose, and they lose X dollars per month. If they spend a similar amount on eating out every month, and they take out a second mortgage, are they taking out that mortgage "to finance their restaurant habit"?
The fact that a believer is happier than a skeptic is no more to the point than the fact that a drunken man is happier than a sober one. The happiness of credulity is a cheap and dangerous quality.---George Bernard Shaw
JerryLogan
JerryLogan
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October 5th, 2010 at 8:34:31 PM permalink
Quote: Doc

Actually, I would be quite interested in taking a look at that, if the relevant data is available. Do you have any source of reliable information about how many 2nd mortgages (numbers or percent of total) were taken out specifically to finance gambling habits? It would also be interesting to know the relative foreclosure rates of gambling-induced mortgages vs. mortgages used for other purposes. Any information on those issues? If not, I guess there isn't really much actual meaningful data to take a look at -- just a bunch of folks whose housing debt exceeded value and/or who couldn't meet payments for whatever reason.



You need to read the Nevada news more instead of asking for detailed numbers that nobody writes down on a pad during newscasts. I don't even live there and as a visitor I saw it after a night of gambling at Palazzo. It was either channel 2 or 3. Call them for the specifics. You also might ask them about where the highest foreclosure rate in the US is. Here's a hint: It's not in Atlanta.

I have zero sympathy for those who took on too much debt instead of using their heads either.
JerryLogan
JerryLogan
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October 5th, 2010 at 8:39:29 PM permalink
Quote: mkl654321

He has no idea. It's a myth that everybody who lives in Vegas is a gambling-addicted fool. 90% of it looks just like any other city, and 90% of its functioning has nothing to do with the casinos.

Of course, there's no data on just how many second mortgages were taken out "to finance gambling habits" (I doubt that anyone would put that on their loan application), so any assertion about those mortgages is, how shall I put it, unfounded. Jerry specializes in such assertions.

Besides, "to finance gambling habits" is a loaded phrase. Most local gamblers lose, and they lose X dollars per month. If they spend a similar amount on eating out every month, and they take out a second mortgage, are they taking out that mortgage "to finance their restaurant habit"?



More famous brilliance from the most prolific bullshitter on the Internet. Cities like Detroit and Phoenix have high foreclosure rates too, but with all the casinos and all the wide-eyed locals rushing around to get a set of cheapass steak knives and $4 bottles of wine "for free" in LV, only a moron couldn't figure out the formula for failure that city has.
Wavy70
Wavy70
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October 5th, 2010 at 9:23:51 PM permalink
Quote: JerryLogan

You need to read the Nevada news more instead of asking for detailed numbers that nobody writes down on a pad during newscasts. I don't even live there and as a visitor I saw it after a night of gambling at Palazzo. It was either channel 2 or 3. Call them for the specifics. You also might ask them about where the highest foreclosure rate in the US is. Here's a hint: It's not in Atlanta.

I have zero sympathy for those who took on too much debt instead of using their heads either.



Jerry I Goggled looking for what percent of second mortgage failures and I came up with no stats. I read the RJ and Sun Daily. Yes Las Vegas has been hit the hardest however do you think that may have anything to do with the insane building boom of the last decade?
In the last 2 decades jobs in Las Vegas were easily obtained and plentiful. In 1990 the population was about 250k. By '09 it was close to 570k. Find me any other city that has doubled in size in that time. Additionally in most cities you will have a mixture of ages of mortgages. In Las Vegas the amount of mortgages that were under 10 years of age would far surpass the rate in any other city. If you ever de-slave yourself from your gambling addiction and get a mortgage you will now that the first several years of the mortgage you pay very little of the principal.

If gambling is to blame it is people who were suckered by mortgage brokers to buy houses on interest only loans on the hopes the market would go up but ended up with houses worth half of the mortgage.

However I think Jerry Boy is mainly doing this for his entertainment.
I have a bewitched egg that I use to play VP with and I have net over 900k with it.
Wavy70
Wavy70
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October 5th, 2010 at 9:27:57 PM permalink
Quote: JerryLogan

More famous brilliance from the most prolific bullshitter on the Internet. Cities like Detroit and Phoenix have high foreclosure rates too, but with all the casinos and all the wide-eyed locals rushing around to get a set of cheapass steak knives and $4 bottles of wine "for free" in LV, only a moron couldn't figure out the formula for failure that city has.



Wait? It was the casino's that brought Detroit down?
Too funny.

Oh Yeah Jer you forgot to name drop a high end casino you play at in this last post. How else would we know you spend the big chedder
I have a bewitched egg that I use to play VP with and I have net over 900k with it.
soulhunt79
soulhunt79
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October 11th, 2010 at 9:06:51 PM permalink
Sorry for going OT, but I simply don't see why people are putting together compulsive gamblers and the housing issue.

A nice shinny graph
http://mysite.verizon.net/vzeqrguz/housingbubble/las_vegas.html

The entire US for comparison. Look at any other major city and none of them go up nearly as fast as Vegas did.
http://mysite.verizon.net/vzeqrguz/housingbubble/

No other city had such a large increase in value so fast.

Unemployment rate in Las Vegas - 14.7%. I don't know exactly where that falls in relation to other cities but that is extremely high. You can look around the entire country and high unemployment correlates very well with high forclosure rate.



Back on the OP. I always through a FAQ like http://www.gamblersanonymous.org/qna.html was more useful than a list of 20 questions. It is pretty easy to come up with reasons why a particular question doesn't apply a person, or why a question may not matter.
mkl654321
mkl654321
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October 11th, 2010 at 9:12:46 PM permalink
Quote: soulhunt79

Sorry for going OT, but I simply don't see why people are putting together compulsive gamblers and the housing issue.

A nice shinny graph
http://mysite.verizon.net/vzeqrguz/housingbubble/las_vegas.html



The "value" added is a misleading figure. Developers building on the fringe of Vegas massively overbuilt, and supply started to exceed demand way back in 2004. There's no actual value in a house that will never be occupied. The present devaluation is simply a return to reality, acknowledging that the overbuilding diluted the value of existing housing stock, by dampening demand for older properties.
The fact that a believer is happier than a skeptic is no more to the point than the fact that a drunken man is happier than a sober one. The happiness of credulity is a cheap and dangerous quality.---George Bernard Shaw
JerryLogan
JerryLogan
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October 11th, 2010 at 10:38:36 PM permalink
Quote: Wavy70

Jerry I Goggled looking for what percent of second mortgage failures and I came up with no stats. I read the RJ and Sun Daily. Yes Las Vegas has been hit the hardest however do you think that may have anything to do with the insane building boom of the last decade?
In the last 2 decades jobs in Las Vegas were easily obtained and plentiful. In 1990 the population was about 250k. By '09 it was close to 570k. Find me any other city that has doubled in size in that time. Additionally in most cities you will have a mixture of ages of mortgages. In Las Vegas the amount of mortgages that were under 10 years of age would far surpass the rate in any other city. If you ever de-slave yourself from your gambling addiction and get a mortgage you will now that the first several years of the mortgage you pay very little of the principal.

If gambling is to blame it is people who were suckered by mortgage brokers to buy houses on interest only loans on the hopes the market would go up but ended up with houses worth half of the mortgage.

However I think Jerry Boy is mainly doing this for his entertainment.



Funny you don't watch channels 2 or 3. Guess it's one of those "selective responses" type things.

I once had a mortgage, but I was very lucky in my job and was suddenly able to afford 6 times the house. Instead, we chose to stay and I paid my mortgage off and today I'm free of that burden.

Face it, LV is a cesspool of minorities and white trash brought to town by the attraction of all the money they thought they could get their hands on with ease, along with all the low-life service industry jobs no one else wanted. It is riddled with foreclosures, unemployment, divorce, piss-poor health care, a rotten school system, and has some of the highest smoking and alcoholism rates in the country. The one shining light the city does have, the casinos, are the source of insecure jobs and plenty of acid indigestion. With all that going for it, it's not difficult to see the correlation between misery and gambling in that town. That's what the news reports were all about.
rxwine
rxwine
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October 12th, 2010 at 1:00:53 AM permalink
Quote: JerryLogan

Face it, LV is a cesspool of minorities and white trash brought to town by the attraction of all the money they thought they could get their hands on with ease, along with all the low-life service industry jobs no one else wanted. It is riddled with foreclosures, unemployment, divorce, piss-poor health care, a rotten school system, and has some of the highest smoking and alcoholism rates in the country. The one shining light the city does have, the casinos, are the source of insecure jobs and plenty of acid indigestion. With all that going for it, it's not difficult to see the correlation between misery and gambling in that town. That's what the news reports were all about.



You forgot to mention crime.

That's the price of libertarian values. At least in congested city environments, it is. Only they need to legalize prostitution and drugs to go whole hog on the idea.
Everything is in high definition today except Bigfoot and UFOs

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