Image from source, LA Times
I remember a few years ago, when home prices were skyrocketing here in Las Vegas, people wondering aloud, "when is this bubble going to burst?" Well it didn't burst exactly, it sort of developed a slow leak, flew around the room a bit, and then fell deflated on the desert floor. Oh, wait that's a balloon not a bubble. . . Oh, you get my point.
But bummer of bummers, while most of the country is feeling the hit, my home town of Las Vegas is right at the top of the list for declining house values. Fortunately, this writer's home isn't upside down. . .in fact it's really OK. But, man, if we'd sold a couple of years ago? Close to $100,000 more than now. Ouch.
April home prices continue steep decline
U.S. home prices continued to fall in April, with Los Angeles and Orange Counties posting some of the steepest declines, according to a major indicator released today. [snip]
The April price drop for the Los Angeles metro area, which includes Orange County, was more pronounced, a 23.1% fall from a year ago. Only three metro areas posted steeper annual declines: Las Vegas (26.8%), Miami (26.7%) and Phoenix (25%). . .
Read more at: Los Angeles Times