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Las Vegas real estate market in the gutter

lil dickie said: "So this is what the opposite of the boom looks [url=http://www.klas-tv.com/Global/story.asp?S=7182711]like[/url] [quote] That's according to several professional traders and national economists monitoring the valley's real estate market. Futures contracts on the housing market that trade on the Chicago Mercantile Exchange indicate Las Vegas is sliding toward the country's largest price decline. Some are predicting as much as a 20-percent drop in home prices by 2010. The impact is being felt by buyers, sellers and realtors. Last month, the world's leading Century 21 realtor filed for bankruptcy in Las Vegas. Realtors say they are feeling the pinch. Kelly Kuntz bought a real estate business last year as the housing market was starting to crash. He calls the situation dreadful. He says although he has plenty of work, he won't make any money this year. [/quote] Ouch...so hopefully you dont have to move for years!"

FirefighterB said: "I'm still surprised that 20% is all they expect it to drop. That's not very much when you consider it went up way more than that over the last 5 years. Do any of you guys think that they are way UNDERESTIMATING the amount that this RE market will pull back, or am I the only one? Seriously, some of these markets have doubled, yet incomes did not, nor did many of the area's job markets. So much of it seems based on speculative investors just buying second properties and waiting for them to keep going up... Here in NYC, I've read quite a few articles where home prices have gone up 6x in areas that WEREN'T as desirable in the last 10 years and even more (or less, it's all over the map) in areas that are. It doesn't seem to me as though incomes have gone up that much in the last 10 years, so was real estate REALLY that undervalued back then? Sure, not everywhere has gone up that much, but most certainly have gone up more, in my mind, than incomes."