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Las Vegas Market Slump at Bottom

Local Las Vegas real estate analysts sense the Las Vegas Valley real estate market is reaching it’s bottom, as indicated by statistics showing increased home sales and a stabilizing inventory. Median existing home prices have fallen to $237,000, which is below the $240,000 level which is thought to be the low point for values here. Dennis Smith, president of Home Builders Research says that with tight credit and qualifying requirements for new mortgages, Las Vegas is at what will be an “extended bottom.” Recovery will come not in the shape of a “V,” but a flat bottomed “U.” Prices, when they do start to go up, are predicted to increase by 1.5% to 2% for 2009 and 2010.

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