Home prices in the US fell by 15.6%
Las Vegas homes have reached a new median price not seen in many years. The median price of a Las Vegas home is hovering around the 140,000 mark. The real estate market in Las Vegas has been hard hit with foreclosures and short sales. A short sale is a pre foreclosure sale. The seller markets the property at current market value with an agent. The agent then negotitiates with the lenders to accept less than what is owed on the home. This enables homeowners to avoid foreclosure.
The Chicago-based realtors group National Association of Realtors reported that home prices fell by 15.6 percent from the previous year in the US.
The realtors group reported that the biggest home price decline was in Cape Coral-Fort Myers metropolitan region where median home price dropped by 53 percent to $84,000 from the previous year.
The second biggest home price decline, the National Association of Realtors said, was in Las Vegas where home prices dropped by 39.7 percent. One in every 85 households in Las Vegas received a foreclosure filing in July, this according to data aggregator RealtyTrac. Out of 230 metro areas tracked in July, the data aggregator said Las Vegas ranked No.5 in the metro foreclosure rate rankings.
National Association of Realtors reported that the median price of existing single-family home in the US fell by $174,100–the most in record since 1979.
The realtors group said home prices dropped in 129 out of the 155 metropolitan areas in the US from the previous year.
Bloomberg reported that home prices are dropping even as economists forecast that the US is recovering from the worst economic crisis since the 1930s.
According to the median of 53 forecasts in the monthly Bloomberg News survey, the US economy will improve by 2 percent or more in the next four straight quarters until June–the first to happen in more than four years.
The National Association of Realtors reported that median price of existing home dropped by 9.7 percent in the northeast from the same period in the previous year to $246,000. Home prices dropped by 8.6 percent to a median of $146,800 from the previous year in the midwest. Home prices sank 10.3 percent to $158,600 in the south. In the west, home prices dropped by 26.6 percent to $212,600.
Meanwhile, the biggest increase in home prices was in the Davenport-Moline-Rock Island area of Illinois and Iowa, where prices soared by 30.6 percent to $113,200 from the previous year.
The second biggest increase in home prices was in the Cumberland metro area of Maryland and West Virginia where home prices increased 21.7 percent. The Elmira area in New York had the third biggest jump where prices increased by 11.3 percent.
The realtors group said home prices dropped in 129 out of the 155 metropolitan areas in the US from the previous year.
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It is a dream to stay in Las Vegas. It is evident that the real estate market has been badly hit by the recent economic slump but I guess a bad news for someone is sometimes good news for the other. I hope real estate market moves towards good times ahead.
i would love to live in las Vegas . i have so much heard about real estate market in las Vegas.today’s tough time of economy real estate market moves down.
Yeah normally to see the rise in the amount of foreclosures happening is not really a good sight with Las Vegas has been one of those hardest hit by it but the house prices which were down are now slowly rising up, they’ve rose nicely in few months although it’ll still take them some time.
Some people are getting benefit from the low-house prices and as now economy is recovering slowly, we will see everything getting better again.
Well it’s good news with City Center coming on line this year. Time magazine came back and wrote something nice about us! I saw Richard Lee’s presentation a couple years ago and in it was Time magazine cover about Vegas over building and it can’t go on like that because it can’t work. That issue was from the 1950’s! I am excited for the coming years.
I really enjoy your blog. Your posts are unique, varied and interesting, but this post is exceptional.Hope we see some improvement in real estate market after November since market is showing some positive trends .
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