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StumbleReport: Decline in Las Vegas home prices slows
Tuesday, April 27, 2010 | 10:38 a.m.
Sun Coverage
Las Vegas home prices fell again in February as measured by the widely-followed Standard & Poor's/Case-Shiller Home Price Indices -- but they declined at a slower rate.
S&P, a debt-rating agency, today said Las Vegas prices fell 0.4 percent from January to February, a better performance than the 20 big cities tracked in the report. The 20-city average decline was 0.9 percent.
The decline in Las Vegas compares to a local decline of 0.5 percent from December to January.
Las Vegas home prices in February were down 14.6 percent from February 2009, Standard & Poor's said.
That's an improvement from January, when prices were down 17.4 percent on a year-to-year basis.
Las Vegas, hit hard by layoffs and foreclosures, has been among the worst-performing markets among the 20 big cities tracked in the S&P/Case-Shiller index.
"Beginning last November, each report showed gains as fewer cities reported year-over-year declines than in the previous month; those gains ended with this report. Further, in six cities (including Las Vegas) prices were at their lowest levels since the prices peaked three-to-four years ago. These data point to a risk that home prices could decline further before experiencing any sustained gains,'' David Blitzer, chairman of the Index Committee at Standard & Poor's, said in a statement. "While the year-over-year data continued to improve for 18 of the 20 metropolitan statistical areas ... this simply confirms that the pace of decline is less severe than a year ago. It is too early to say that the housing market is recovering."
More recent numbers for Las Vegas, from March from the Greater Las Vegas Association of Realtors, found the median price of single-family homes sold in Southern Nevada was $136,000, up 0.2 percent from $135,694 in February, but down 8.7 percent from one year ago.
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geez, if this is suppose to be GOOD news i apparently misread the article. i bet they're breaking out the champagne at the local REMAX office.
The SUN tries its best to paint the economy in a good light as the news continues to be worse. It is way to late to pump up the policies of our leaders that told us everything would be OK if they just tripled the spending last year. What a disaster.
I guess this is like being grateful you only got kicked in one testicle.
While it isn't good news, it isn't as bad as it has been over the last few months.
this is only a minor blip Europe will finish off any increases, as the Greece contagion hits portugal then hits france, then ireland, then UK , hold onto your hats, it is going to be very rocky soon..
1) Less tourists from Europe
2) Banks might take a second hit soon
3) Commercial property is still to default
4) There will be a flood of properties soon
5) Tax increases
6) Interest rate increases
things can only go down
Now that the homebuyer tax credit is, finally, expiring, look for house prices to fall further.
There's no job growth in this town and there are only so many cash investors.
Meanwhile foreclosures continue to pile up as more and more borrowers go the "strategic default" route...
Can anyone say "Japan"?
...and the hits just keep on comin'!!
bouvier; any good news from LLV?
Soon I'll be buying. Some of these higher end condo's were being sold for 300k-500k. I've seen prices of sub 100k to low 100k's.
It may go lower, but at some point you have to jump in the water. Thinking you can time the bottom is wishful thinking..at best.
Go in with cash and you go to the head of the line of bidders on a foreclosure/short sale.
Welcome to the "lost decade". Japan had theirs and nows it's hitting here. Banks are closing at a rate that will eclipse last year. Interest rates eventually will increase. Foreclosures are going to hit a higher peak this year. Why are they trying to put lipstick on this pig?