Wednesday, November 19, 2008

Las Vegas Prices Still Going Down In a Hurry

"Asking prices fell at the fastest rate in Las Vegas - down 3.7% during October - and 7.1% over the most recent three-month period" according to The Altos 10-City Composite Price Index, a reliable indicator of current trends. "This marks the seventh consecutive month that Las Vegas has posted the fastest rate of declining prices among major markets."

So is there anyplace where prices are NOT plummeting? "Listing prices rose at the fastest rate in Denver - up 0.7% in October - followed by Houston where prices were up 0.6%. Denver and Houston are now the only markets showing three months of sequential price increases," the report said.

“The fleeting signs of price stability that we saw during the summer have now completely vanished,” said Stephen Bedikian, partner and research director for Real IQ, which is part of Altos. “October’s stock market crash has crushed consumer confidence and housing price declines have resumed across most major markets.”

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