Report: Home prices haven’t reached bottom

Tuesday, May 26, 2009 | 7:29 a.m.

Real Estate in Crisis

Las Vegas-area home prices declined in March at a greater rate than in February; and a national survey today found the U.S. housing market has not yet hit bottom.

Debt rating agency Standard & Poor’s issued its monthly S&P/Case-Shiller Home Price Indices showing prices in Las Vegas fell 3.8 percent from February to March, a deterioration from the 3.6 percent decline from January to February but an improvement from the December to January decline of 4.4 percent.

In the year-to-year comparison, Las Vegas prices fell 31.2 percent from March 2008 to March 2009, ranking Las Vegas No. 2 behind Phoenix in the list of declines among big cities.

Nationwide, S&P/Case-Shiller's 20-city index fell 18.7 percent -- more than the 18.3 percent decline predicted by economists surveyed by Bloomberg News.

Foreclosures and job losses are driving down prices locally and nationwide. Even with the current low prices, many would-be buyers can't qualify for a mortgage because of credit problems and job losses.

"We see no evidence that a recovery in home prices has begun," David Blitzer, chairman of S&P's Index Committee, said in a statement.

Today's numbers are in line with numbers issued earlier this month for April by the Greater Las Vegas Association of Realtors.

The Realtors said single-family home sales in the Las Vegas area in April totaled 3,198 -- up 78.3 percent from April 2008 as the median price of single-family homes sunk 39.9 percent year-over-year to $141,720.

Discussion: 7 comments so far…

By neiman1

5/26/09 at 9:51 a.m.

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There has been a 90 day moritorium on foreclosures. The time gap is over. The repo's on the market are going to increase dramatically and the price are going to fall A LOT.
By csingham

5/26/09 at 10:34 a.m.

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I'm waiting for when you read articles and basically unfounded "crap" from the association of realtors that makes me laugh.

Real estate analysis from them are cracker jack dime store morons; especially in Las Vegas. Lets throw a dart on the board with out any actually numerical facts and say it will all bounce back in 3 years.
Last week NPR had the worst show ever when they had people from the local R.Assc as guest. It was a whirlwind of making up facts, blowing statistics in their favor, and just made me want to punch my local Remax neighbor.

Let the prices fall to what they should be, sorry but vegas could never sustain 300k+ houses in a blue collar town. Hence the over load of apartment conversions that now are empty and going for the price of a new BMW.
By 9ballguy

5/26/09 at 1:35 p.m.

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As Jack Nicholson once said: "Can't we all just get along?" No need to bash Realtors. If you you were a Realtor would you be out there spreading negative news regarding your business and trashing your profession? I think not. The housing market will continue to fall and the recovery will be long but the opportunities to own a home are and will continue to be phenominal.
By perry161492

5/26/09 at 5:19 p.m.

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can't trust realtor they do anything to make a buck. housing hasn't hit bottom long way to go. it going to really hit hard if the so call gov. vetor the bill that state lender and borrower sit down for a mediator.
By LV4LIFE

5/27/09 at 11:45 a.m.

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Ask any realtor and they will tell you now is the time to buy. They wer saying that last year too. Personally I am waiting a little bit longer before I buy. I went to real estate school a couple years back so I know a few tricks and how to avoid getting screwed.
By torn

5/27/09 at 11:56 a.m.

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Many of you fools once placed a competitive bid to get the pile of crumbling stucco and chicken wire you own now. Most of these homes are garbage, and many fell for it.
By 9ballguy

5/27/09 at 4:29 p.m.

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I would advise waiting another year to buy.

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