Las Vegas Sun reports dismal housing marketing; Astoria Homes holds its first home sale
I know I’ve said it in previous posts, but it doesn’t look like the housing market will see much improvement in the near future.
New and existing home prices have been dropping since mid-2006 and are looking to continue falling, according to a report in the Las Vegas Sun. According to the article, analysts are expecting prices to drop another 5.6 percent by May and some are predicting 15 to 20 percent drops by 2010.
We wrote a previous post about the predicted drastic price drop here.
A record 27, 321 homes were available in August. With adjustable rate mortgages resetting in early 2008, higher interest rates will likely increase the already high number of foreclosures.
The crisis is illustrated by a sale from Astoria Homes. The sale, the first in the company’s history, will run Oct. 12 – 14. The least expensive homes will hover around the $170,000 mark after a $50,000 discount, while the biggest discounts may go as high as $200,000.
The Sun article reiterates a September Bloomberg article that Las Vegas may indicate national housing trends. Our post on the Bloomberg article can be found here.
For more information, read the Sun report here.
