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Tuesday, Jan. 26, 2010 | 9:30 a.m.
Beyond the Sun
Las Vegas home prices as tracked in a monthly nationwide report fell in November for the 39th consecutive month.
Debt-rating agency Standard & Poor’s issued its S&P/Case-Shiller Home Price Indices today showing Las Vegas prices fell 0.5 percent from October to November; a deterioration from October when prices fell 0.1 percent from September.
Las Vegas prices are down 55.6 percent from their peak, Standard & Poor's said.
S&P said prices nationwide in its 10-City and 20-City Composite Home Price Indices fell 4.5 percent and 5.3 percent, respectively, in November compared to the same month last year.
Las Vegas prices were off 24.5 percent year-to-year -- the worst showing in the 20-city index -- as the recession and associated foreclosures continued to depress prices in Southern Nevada.
"For Las Vegas, in particular, prices have declined for 39 consecutive months, with a peak-to-trough reading of -55.6 percent. It is now just 4 percent above its January 2000 level. This compares to its peak in August 2006, when the average home price was 135 percent above that same level," S&P said in its report.
Nationwide, the index found mixed signals on the direction of housing prices.
"On balance, while these data do show that home prices are far more stable than they were a year ago, there is no clear sign of a sustained, broad-based recovery," David Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a statement.
The Case-Shiller numbers trail by one month statistics for existing home sales issued by the Greater Las Vegas Association of Realtors (GLVAR).
GLVAR reported that for December, the median price of single-family homes sold in Southern Nevada was $136,000, down 2.9 percent from $140,000 in November and down 22.3 percent from $175,000 one year ago.
The median price for condos and townhomes fell 4 percent, from $68,000 in November to $65,300 in December. That’s down 27.4 percent from $89,900 one year ago.
Falling RE? Could be why Reid would let his personal interest influence his bubble Ben vote.
http://www.zerohedge.com/article/harry-r...
I have a 2-story house that I paid $295k for in late 2007. It is ~1700 sq ft and is located in Summerlin. I will sacrifice and sell it for $290k since the real estate market is currently in a slight correction, but only to someone who will treat it like a castle. I recommend if you are interested that you act now before I change my mind.
Nobody wants these crappy cookie cutter, cheaply built, grade 3 materials shacks in a city with 13 percent unemployment!
there will be more people wwalking away. also people who bought housese in 2009 they might think about
my house in 2007 was appraise at 280,000. today online i see it worth 64,000 to 94,000
I don't believe the 39 straight months of declines. After all, local RE "experts" Steve Bottfeld, Larry Murphy and Dennis Smith said that prices had bottomed in 2006 and you weren't going to get a better deal later, so BUY, BUY, BUY. Then they called the bottom again in 2007. Then again in 2008. And then again in 2009.
I guess this is all part of the "Manhattanization" of Las Vegas, right Bottfeld? Turn in your expert's card.
One of the biggest problems we have with this declining values of our homes is the fact that the Clark County Commissioner Susan Brager (D) is a real estate agent who is profiting off of her devaluing all property in Clark County!
The Clark County officials are illegally allowing this real estate agent Susan Brager (D) to appraise our property here in Clark County. They call it the "Brager accessment!" To validate this, just get a copy of January 2010 first televised commission meeting when Rory Reid asked who performed the appraisal of the property that they were discussing and Clark County official stated clearly that Susan Brager (D) the real estate agent appraised value of property!
Rory Reid is completely aware of this, and has done nothing to stop it. Brager (D) then appraises the property below market value, then prior to the property being put up for bids, IAW the law, she and/or friends/family members buy the property, and then sell it for much higher than the real value and score hundreds of thousands of dollars in profits.
This is validate by the fact, that this Susan Brager (D) received a $25 fine by state ethics board for an infraction and she told ethics board she did not have money to pay the $25. Then just less than two weeks ago, she gave Rory Reid $10 for his soon to be ill fated attempt to run for governor!
How do you go from not being able to pay $25 to giving Rory Reid $10K during your short tenure on the commission? THROUGH CORRUPTION IS HOW!!!
Vote for the Independent American Party candidate running in the District F to get rid of this corrupt demorat! ENOUGH IS ENOUGH OF THE EVILNESS OF THE COMMISSIONERS!!!
As I said before, real estate prices will continue to slowly but steadily fall until the average Joe Blow can afford a house. If the average Joe Blow's income continues to drop during this time, then real estate prices will drop even further. There is no alternative.