Slippery Slope of Vegas Values

RUMOR MILL

First a quick recap from last months post about a market being double minded, read here. Why, because Zerohedge ran a story 20 days after our previous double minded post titled, "Schizophrenic US Housing Market". I guess others are finally admitting it. The article referenced the July N.A. Realtor numbers and I thought you might like to see the charts because we are in anything but recovery. We are moving from stagnation locally. Prices will be coming down over the next couple months and I am going to highlight the indicators that we see with boots on the ground and present the case. There is always a good and bad side to everything, some readers will be happy because they can start buying again either to live in or rent. Others wanting to sell will wish they heeded our advice from earlier in the year as the slippery slope of opportunity steepens on Las Vegas Home Values. What does a Las Vegas property manager know about the trends in the market anyway, right?

Your Honor, I would like the following evidence entered into the record in my case against a RE market recovery:

Here is the 12 month sales volume trend chart per month (you can click on these to make larger),

Here we have change year over year by price, notice the entry level under $100K drop and the rise in over $1Million

Of course, all of these charts are on top of the rest of the problems we