Las Vegas Housing Experts See Slow Recovery

LAS VEGAS (AP) - Experts in Las Vegas aren't predicting a quick rebound for the local housing market.

At the annual Las Vegas Housing Outlook conference on Friday, experts said it could be between two and five years before housing
values begin to appreciate again.

Housing analyst Dennis Smith of Home Builders Research predicted a nearly 2 percent decline in new-home prices this year and a 3 percent decline for resale median prices to $158,000. That's a much slower rate of decline compared to 2008.

Smith says he thinks homes will appreciate again in 2010.

Appraiser Scott Dugan said it would be five years before Las Vegas registers any real appreciation in housing values.

Information from: Las Vegas Review-Journal,

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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