Las Vegas Housing Charts
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
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.