I've been writing about the Las Vegas housing market for years and have even stated for the record (on several occasions) that this market will eventually fall to a level where the median home price is ~ $60SF.
Note: some of my older posts can be found here:
Charts Feb 2010
Charts April 2009
$60SF Prediction - 2008
Las Vegas Economic Downturn Archives (thru 2008)
Las Vegas: A House of Cards - March 2006
Well, rather than trying convince you with additional verbiage that we've yet to hit bottom, I'll let the charts below do the talking - as each chart is worth a thousand words.
A few key points to keep in the back of your head while reviewing the charts however:
- Las Vegas has the highest unemployment rate in the nation
- Las Vegas has the highest bankruptsy rate in the nation
- Las Vegas has the highest foreclosure rate in the nation
- > 80% of Las Vegas homeowners are upside down
- The Homebuyer tax credit has expired
- Banks are holding back tens of thousands of homes
- The Las Vegas economy is completely dependent on a DEAD BUSINESS MODEL - consumer discretionary spending - something that is no longer available to the masses who are desperately trying to keep a job, a roof over their head and food on the table
Bottom line:
The bottom IS NOT IN for Las Vegas and home prices will likely continue to fall for several more years... Though considered a long-shot losing bet at the time, when we take into consideration all the gloomy (current and future) aspects of this city's economy, even my $60SF median price forecast now seems optimistic.
