Forecast Dim For Las Vegas Housing Market

The prices of new and existing homes have been steadily dropping in Las Vegas since mid-2006 and likely will continue to plummet.

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.

Justin Walters, co-founder of Bespoke Investment Group LLC, says
investors expect current prices to drop 5.6 percent by May.

Some other housing analysts see the slump continuing well beyond spring, forecasting drops in Las Vegas home prices of much as 15 percent to 20 percent by 2010.

SalesTraq reported the median price for new homes in the valley in August was $309,241, 13 percent below its peak in April 2006.

The median existing-home price was $270,000 in August, down 6.8 percent from its June 2006 peak.

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