Housing: Prices continue to fall – Las Vegas plunges another 17% y/y…
Not a single, solitary reason that Harry Reid deserves to keep his seat. Vegas is in even worse shape than Phoenix and continues to fall like a stone while he fraks around with Pelosi’s wish list:
…S&P’s David Blitzer called the report “mixed,” noting, “The rebound in housing prices seen last fall is fading.”
Prices in 10 major metropolitan areas were flat in January from a year earlier, while the index for 20 major metropolitan areas dropped 0.7% year over year….
…Compared with a year earlier, Las Vegas continued to be hit the hardest, 17% lower than a year earlier. Month-to-month gainers, sans seasonal adjustment, were headlined by Los Angeles and San Diego showing slight improvements, while all the other markets showed a decline. Four markets — Charlotte, Las Vegas, Seattle and Tampa — reported new price lows for the current cycle.
At this pace we may have to begin calling Vegas, Detroit West.