At the local seminar Las Vegas Housing Outlook 2009 the only hope for the local housing market will come two years from now.
Dennis Smith of Home Builders Research predicts a 1.7 percent decline in new home prices this year to $240,000 and a 3.1 percent decline in resale median prices to $158,000.
Appraiser Scott Dugan said it will be five years before Las Vegas reisters any real appreciation in housing values. He sees a wave of 3,000-4,000 new foreclosures hitting the market when the 90 day moratorium by Freddie Mac and Fannie Mae expires at the end of January. That's going to push home prices down an additional 10 percent.
Ricard Lee of First American Title noted that 62 percent of homes available on the Multiple Listing Service are vacant.
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