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Steve Marcus / File photo
Home prices appear to have stabilized in the Las Vegas Valley in recent months.
Tuesday, Oct. 26, 2010 | 8:52 a.m.
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.
Einstein's Definition
Albert Einstein once said "The definition of insanity is doing the same thing over and over again and expecting different results".
Think about this quote for a second and ask yourself, can we apply this in any other parts of our lives?
Political Insanity - sending the same politicians back to Washington and expecting them tho act differently.
Housing Insanity - breaking out the champagne when housing prices increase .01% in one month after loosing 50% in the last two years... Please raise you glasses and let us toast the fact that it will only take us 5,000 more months like this one to get back to normal or 416 years... :(
(5,000 months / by 12 months = 416 years...) Hip Hip Hooray
The author used the Non-Seasonally Adjusted data for this report. Anybody with experience analyzing real estate data would know to use the Seasonally Adjusted Price Index figures. These figures show a SMALL DECREASE in prices from July to August, not a small increase. Also, since the data is for August, two months ago, this data is slighly out of date. This index will continue to show price declines for some time.
This article is misleading and is spin. This article states that the median price went up by 0.1 percent. The median price has nothing to do with the value of a given home, is irrelevent for a specific homepowner, and does not imply that the market value of a given home has gone up by 0.1 per cent. The market values of individual homes continue to slide. Please report meaningful information.
Unfortunately, the seasonally adjusted numbers still show that LV prices are down: http://www.standardandpoors.com/indices/...
Sorry byron_g, I didn't read your comment before my previous post.
I hope they stay cheap, thats the only reason why I want to move to Vegas and get my first home. California is STILL too expensive for me. :(
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.
Mr. Lambert, that's some seriously oversimplified (and terrible) advice you're dishing out there. Those people who are still in vastly underwater homes are staying because they can afford it. Encouraging these types of homeowners to walk away is counterproductive for all involved. Somebody had to buy at the top of the market and all you're doing is calling for yet another reset of prices. That downward spiral can pull us all underwater.