Posted by Jed Lewison on Fri Nov 23, 2007 at 12:34 AM Pacific
As Atrios would say....
....WHEEEEEEEEEEEEEEEEE!
Housing numbers continue free fall9.2% price drop and 49% volume drop?!?!?Prices keep dropping, but sales still sluggish
By HUBBLE SMITH
REVIEW-JOURNALSales of both new and existing homes dropped drastically in October and median prices continue to slide from last year's peak, a local housing analyst reported Wednesday.
Larry Murphy, president of Las Vegas-based SalesTraq, said he talked to a mortgage lender who's processing six or seven loans in one subdivision of the Anthem community in which new home prices were slashed $250,000, or about 30 percent.
"I don't know if it's true or if it's just a rumor, but he said half of them are Realtors and they plan on walking away from their current home, the same home they bought from the same builder last year," Murphy said.
Median new home prices fell 9.2 percent in October to $299,575 while sales plummeted 49 percent to 1,302, compared with the same month a year ago, according to SalesTraq. Nearly all home builders in Las Vegas have reduced prices in new subdivisions around the valley, Murphy noted.
Yeeegads.
It can't help any that on a busy travel day the airport in Vegas looked like this:
