The Real Deal New York

National market report: Las Vegas home prices to tumble for another six months

Commercial and residential real estate news briefs from around the U.S.
By Guelda Voien | March 26, 2012 10:30AM

From the March issue: Las Vegas home prices could tumble for another six months, and likely won’t recover until the existing “shadow inventory” of bank-owned homes hits the market, the Las Vegas Review-Journal reported. “I don’t think we’re going to see any drastic improvement in the resale median [price],” Home Builders Research President Dennis Smith told the Review-Journal, reviewing figures from data provider CoreLogic. “We have to see what happens when that spigot of bank-owned homes gets turned back on.” Click here for more.