Las Vegas housing market may indicate national trends in 2008
A report at Bloomberg.com indicates that housing prices in Las Vegas could drop 5.6 percent by next May. According to the article, the Las Vegas market may be an indicator for what happens to property values nationwide in 2008.
Patrick Newport, chief U.S. economist at Lexington, Massachusetts-based Global Insight Inc. says that despite the city’s economy, he expects the housing slump in Las Vegas to last until 2010.
There are currently 23,000 new homes under development, including MGM’s CityCenter project.
For more information, read the article here.
