4.24.2007

Viva Las Vegas

Las Vegas. The name conjures up the image of miles and miles of vacant spec houses for sale. At least that's what you see if you go for a drive off the strip.

LV housing slump worsens
Prices plummet as existing-home inventory hurts new-home sales


The price of new homes has tumbled nearly 10 percent this year, the inventory of existing homes has reached an all-time high and bank repossessions accounted for a greater percentage of existing home sales in Las Vegas, according to the March housing statistics.

The ongoing weakness in the housing industry was reflected in numbers released Tuesday by Larry Murphy of SalesTraq. The housing research firm reported the median price of new homes sold in March was $308,471, down nearly 10 percent from $341,990 in December.


Against my advice, Old Zeke recently put in an offer $30K below asking price on a Vegas home. The sellers and realtors jerked around with him for a while, so he walked away. The sellers ended up coming back, begging to sell at Zeke's offer price. No deal. A couple months later, that house is still on the market... at a reduced price.

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