Las Vegas: The Last Big City With Falling Home Prices

The Las Vegas area remains the last "big city" with falling home values, according to a new report from Standard & Poor's. The incredibly high unemployment levels combined with home foreclosures and a big slowdown in tourism is simply killing the city's economy.

Every one of the other 20 big US cities has seen its home prices increase or, in two cases, remain even. So despite some bright spots Las Vegas continues to lag behind the rest of the country. A second "double dip" recession has become a major concern in Southern Nevada.

The Greater Las Vegas Association of Realtors reports that the median price of a single-family house in Southern Nevada is around $135,000... half of what is was just a couple of years ago!

According to one expert:

"The worry starts when you remember that the Homebuyers' Tax Credit has expired, foreclosures are still at high levels and July data on home sales and starts were very, very weak. The inventory of unsold homes and months' supply data were particularly troubling. If this relative weakness in demand continues, it will likely filter through to home prices in coming months."

Learn some mo': 20-city index shows Las Vegas alone in home price decline