In an article in the Las Vegas Sun written by Brian Wargo, the real estate market in Las Vegas is headed for the dumpers.
Citing a report from the Bespoke Investment Group LLC, co founder Justin Walters expect current prices to drop 5.6% by May 2008.
Other housing analysts offer more dismal predictions that see the slump going past spring and dropping prices as much as 15-20% by 2010.
SalesTraq reported the median price of new homes in August 13% below a year ago.
The median price of existing homes down 6.8% in August from a year ago.
Nevada leads the nation in foreclosures with Nevada in the #2 spot in the nation in the PMI poll. Private Mortgage Insurance rates the most dangerous locations in the nation for a potential large decrease in housing sales prices. The San Bernardino-Riverside, CA. area ranks #1, Las Vegas ranks #2, and Orange County, CA ranks #3.
Steve Bottfeld Of Marketing Solutions feels that the yet to be released September report may indicate the bottom of the market. He feels that the new-home market still has a few points to go before reaching the bottom but he feels that the existing home market has bottomed.
Astoria Homes president tom McCormick sees just the opposite. He thinks the new home market prices are as low as they can go. He thinks the resale market has more downside to it.
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