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StumbleReport: Las Vegas home prices continue to show weakness
Tuesday, May 25, 2010 | 10:07 a.m.
Las Vegas home prices fell again in March as the city continued to be among the worst performers in the closely-watched Standard & Poor's/Case-Shiller Home Price report covering 20 big U.S. markets.
Las Vegas prices, as measured by Standard & Poor's, fell 0.8 percent from February to March; a deterioration from the 0.4 percent decline from January to February. The 0.8 percent decline in March compares to the 20-city average decline of 0.5 percent.
Comparing March 2010 to March 2009, Las Vegas prices fell 12 percent vs. the 20-city average of a price gain of 2.3 percent.
Nationwide, Standard & Poor's today said housing prices have rebounded from crisis lows, but recently have seen renewed weakness as tax incentives are ending and foreclosures are climbing.
"The housing market may be in better shape than this time last year; but, when you look at recent trends there are signs of some renewed weakening in home prices," today's report said.
SalesTraq last week said prices for existing homes in April in Las Vegas rose to their highest level in more than a year.
The median price of existing homes closed in April locally was $126,000, up $6,000 from March 2010, SalesTraq said.
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The downward trend continues...and will for at least another year. Make sure your seat belt is fastened and keep your legs and hands inside the vehicle at all times. Wait for the ride to come to a complete stop before exiting.
Yup. Las Vegas has a big mess still to clean up before things really get better. I love living here and hope for the best, but anyone who thinks recovery is just around the corner is delusional.
It's just simple, supply and demand. Supply is high and demand is low because of unemployment, lack of funds, and low paying job in Nevada. This all results in low revenues for cities, counties and the state. Until Nevada get to a level in which it can operate in the black, it will be difficult.
I think a year is optomistic at best. Vegas will not see any recovery for much longer than that. With unemployment at 14% or higher which is also optomistic, job market not on the rise, and people leaving town, we will be looking at more like 4-5 years. It took 15 years to recover in the early 80's and this situation is much worse.
and the realtors say...
now is the perfect time to buy...
and the analysts say...
things are looking up...
listen up boys and girls...
the old adage in real estate is the three most important things are...
location, location, location...
WRONG!!!
the three most important things are...
jobs, jobs, jobs...
chuck nailed it above...
until you get the employment picture gets straightened out...
the real estate market ain't going no where...
And of course in the infinite wisdom of the county we're approving more stucco cookie-cutter houses to be built.
Why does the Sun keep running all the articles about how Las Vegas is turning around and then find the facts are wrong? Is it just wishful thinking or trying to prop up their favored politicians failed policies? The Sun loses every time it lies to its readers.
Take a look at the neighborhoods the developers slapped together - some have no driveways, sidewalks or on-street parking. The backyards of some homes are so tiny - they can barely clear the cinder block wall when they open their back door. And these are single family homes that they built like this. Who wants to live like that even at the current low real estate prices?
Who the heck approved these neighborhoods in the city planning department?
i've said it a zillion times. until we start seeing the visitor volume at the airport come back into a positive year over year amount for 2 or 3 months, vegas will continue to suffer.
i think unemployment WILL get to 20% before it's all said and done.
crazy?
our current 14% was "crazy talk" 2 years ago.
Recovery? what recovery? we wont see that for at least 2 more years, the best we can do is hold on and hope for the best. As for builders putting new homes on the market, fat chance of that happening anytime soon, DR Horton is one to stay away from, they take deposits, delay the mortgage process then decline you and keep the deposit. No cool in this type of economy. shame on them
Chuck321 is correct. My sources in the financial markets think it will be at least 5 yrs before we see any real positive rise in real estate appreciation( factoring in inflation) and closer to a decade before a return to the 3 to 5 % historic appreciation trend line which was the norm prior to 2000.
Things will stabilize but slow growth
Buy American
Betting against Vegas housing prices going up and peace in the Middle East is the best way to win a bet....you can't go wrong LOL.
AXIOM hit it on the head !!! How stupid are the gov't knuckleheads to approve more?? Do we need more houses right now?
As soon as all the existing houses are occupied, we'll run out of water.
And then what???
We have a lot of lingering problems.
green617: You made me laugh...but your words are sooooo true !! A NEW problem Nevada is now facing are people who are well employed and walking away from their mortgage.The reason for this? Simple, you buy a $480k home with barely nothing down and your house is now worth $200-225k.
If they had put down the standard 20%...they wouldn't be walking away, they couldn't afford to loss their down payment.But if you only had 10-20,000 down..their thinking it's better than making mthly payments on a $480k mortgage thats not worth $480k anymore.Short sales are near impossible in Nevada since most have had to secure funding through more than one institution in order to close. My feeling is it will be 5 yrs before this housing market settles in Nevada.
I agree with all posters above, and one only needs to look at Japan. They had an identical property bubble burst on them in 1989. Twenty-one years later, property prices in Japan are still lower than they were when the bubble burst. Twenty-one years!!
Though the US has a more dynamic and flexible economy than Japan, it's still a good indicator that our housing disaster will take many years to recover from.
poolguy, ALL the builders in vegas are shady, not just DR. liars, every last one of them. it seems like the majority of people buying new homes right now are foreigners, aka uneducated buyers.
i wonder how much the population decreased in the last two years?
I was looking at the MLS for Summerlin yesterday, and my opinion is that asking prices are still way too high.
Prices were dropping after the bubble burst and our wonderful fed and govt stepped in to try and prop up prices by borrowing and printing trillions.
Asking prices went up after that and now we have a standoff between buyers and sellers.
Let the market work please!!!!!
this messed start back in 2007. look in review journal archives
Mr. Vincent: ummmm I hate to be the barer of BAD NEWS, but!!! This is a GLOBAL issue.It goes way past our borders and happened long before this president and the one before.As for those high prices in Summerlin...well soon they will wake up.If you're looking at anything over $300k now,it's one of two things...either the bank just released it and is looking for their money back,or it's a owner who is now hoping to recup his money( but won't).