Flipping Vegas Star, Scott Yancey, Says Real Estate Recovery Is B.S.

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Yancey tells Fox Business ‘numbers are skewed’

“What’s really happening is a simple lesson of supply and demand,” said Yancey. “Because laws are restricting the number of foreclosures coming onto the market, and, we have investors coming from all over the place, we end up in a situation with multiple

Reality TV star and rock ‘n roll real estate investor, Scott Yancey, told Fox Business’ Stuart Varney this morning that the recent real estate recovery in the United States was “B.S.”

“I’ve got to call B.S. on Washington. [They are] puffing their chests out high fiving each other and using this big fancy word ‘recovery,’ [while using] skewed real estate numbers,” said Yancey on the Fox Business program Varney & Co. Yancey went on to cite high unemployment numbers, laws limiting foreclosures and an influx of foreign investors fighting over limited properties, as the reasons for the recent appreciation in the housing market. Yancey said after the show that Washington was ignoring the fact that the “average homebuyer” had not returned to the housing market. Click here to view the video.

“What’s really happening is a simple lesson of supply and demand,” said Yancey. “Because laws are restricting the number of foreclosures coming onto the market, and, we have investors coming from all over the place, we end up in a situation with multiple offers and bidding wars on the available property.”

Yancey goes on to say that in Nevada, three out of four properties are still underwater. These properties aren’t organically being released to the market and what limited inventory is released ends in a bidding war with prices artificially growing.

There is a silver lining, though. Yancey says that there is “no better time than right now to buy real estate,” favoring a strategy of “buy-and-hold” instead of the flipping tactics that made him famous on the A&E reality show, “Flipping Vegas.”

Stuart Varney agreed, saying, “I’ve been saying for a long time on this program, if you’re a youngster just starting out, you’ve got the down payment, you’ve got a job, you’ve got descent credit, buy a single family home and away you go. That’s my position.”

About Flipping Vegas
Reruns and new episodes of Flipping Vegas can be viewed Saturday’s on the A&E Network. Scott is not only the star, but also the creator and an Executive Producer. Goliath Properties is a Las Vegas based real estate organization that specializes residential and commercial markets. Scott Yancey serves as the company’s principal broker. He has twenty years of experience in real estate.

About YanceyEvents.com
As a real estate broker and successful private investor, Scott Yancey, star of A&E’s hit show Flipping Vegas, is now hosting live training events throughout the US helping local residents learn how to capitalize on today’s unique real estate investing opportunities. Scott’s training

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Jared Mendenhall
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