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July 30, 2014

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Report: Las Vegas home prices edge up, show continued weakness

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Steve Marcus / File photo

Home prices appear to have stabilized in the Las Vegas Valley in recent months.

First, the good news about Las Vegas-area home prices: They edged up 0.1 percent in August from July as measured by the national Standard & Poor's/Case-Shiller Home Price Indices.

The bad news, however, is that Las Vegas housing prices in August were down 4.5 percent from August 2009, according to S&P/Case-Shiller's latest report issued today.

That's by far the worst performance among the 20 cities in the index, which together yielded an average year-over-year home price increase of 1.7 percent.

More recent data from the Greater Las Vegas Association of Realtors show the median single-family home price in Southern Nevada during September was $135,000, down 3.6 percent from $140,000 in August and down 2.2 percent from September of 2009.

With unemployment at 15 percent, big price increases anytime soon in Las Vegas are unlikely.

Today's Standard & Poor's/Case Shiller numbers illustrate continued economic stress and an uneven housing recovery around the country.

Year-over-year price changes include Atlanta, down 2 percent; Chicago, down 2.9 percent; Los Angeles, up 5.4 percent, Phoenix, up 0.4 percent; and San Francisco, up 7.8 percent.

Standard & Poor's analyst David Blitzer today said the housing market overall appears to have stabilized at new lows.

"At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers' tax credits," he said.

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  1. Trulia.com is a good first source for prices in a neighborhood. Always make some allowance for upgrades and condition. If there is 2% annual inflation it will take 36 years for the house to double from its current value. The current economic risk is deflation - not inflation.
    If you are 50% or more underwater, take a look at walking away. Do it with your eyes wide open and know your credit will be worthless for several years and they could also come at you, if you have assets. Speak with an Attorney. However look at it as if you were a Corporation. If any Corporation found themselves in this condition - it would be irresponsible to the investors not to declare Bankruptcy and Liquidate.