CNNMONEY.com Reports Decades for Las
Vegas Home prices to Recover
Just released from CNN concerning real estate prices and it’s information that is certainly not new.
NEW YORK (CNNMoney) — Move over, Cleveland. Make room, Detroit. Beat it, Buffalo. There are some competitors for the title of America’s most depressed real estate market.
Read the Full Story Here by Les Christie, 01/07/2011.
When you read the article it makes it sound like Las Vegas is a city with no hope because home values are not going to be returning to their peak anytime soon.
Let’s make it clear… the return to peak home values that we saw in 2006 for Las Vegas happening in a decade or two is Absolutely no surprise but the return to $300,000 starter homes not coming anytime soon has more to do with how Peak Home values were reached in the first place then what the article is suggesting. Think lax lending standards with nothing down for the 2000′s, speculators that wanted to be real estate investors but had no clue what an investment was to begin with and a host of other factors that pushed Las Vegas home values far beyond what they should have been all combining to create a recipe for disaster. Any suggestion that 20%+ appreciation rates year in and year out leading up to the peak as something that is normal is completely ridiculous. Wake up and smell the coffee… the foreclosure fiasco disaster was set in place long before the first seller tried to sell and could not sell to cover the loan balance. Thinking that Las Vegas home values are just going to return to the peak levels anytime soon should have been given up well over a year ago
Back in September of 2009 I covered it a little more extensively and predicted that it would be more like 2040 for Las Vegas home values to return to the levels they were at the peak in 2006.
When Will Las Vegas Home Values Recover?
Read the above and the calculation involved in getting to those peak values. It’s nothing complicated in figuring out.
What is complicated to figure out is where they get these so called expert analysts you read in the mainstream media that come up with ludicrous comparisons that Las Vegas is the Next Detroit or Cleveland. Do they even bother to visit Las Vegas to see what is going on?
By the way Illinois residents… enjoy your income tax hike. The state was out of control in it’s spending when I lived in Chicago…. where did you think they were going to get the money?
Paul Francis, CRS
Prudential Americana Group, REALTORS
Las Vegas Real Estate
702.592.3058
December 16, 2011 at 3:01 pm
Hey there, I truly hope the 2012 market as well as real estate market is actually considerably more desirable as well as that we may find development with mortgage practices and additionally view more desirable changes on the government side of the equation, I presume this will definitely be actuallywill always be an exceptional perk to all house consumers, property sellers as well as Realtors.