Friday, January 7, 2011

Vegas home prices: On the skid until 2032

I think you can 5 or 6 years in the future, but no one can predict 20 years!
These are not old Rust Belt post-industrial cities, where the manufacturing economy vanished years ago; these cities were flourishing as recently as 2005. But they got crushed by the housing bubble, and most won't recover from the damage until at least 2030
"The bubble caused a lot of over-investment in these markets," said Celia Chen, a housing market analyst for Moody's Analytics.. "It's all collapsing because of the recession and over-valuation."
So, bring on the contenders.
Chen estimates that Las Vegas home prices won't return to their pre-recession peak until after 2032; in Phoenix, the rebound will take until 2034; and Salinas, Calif., and Naples, Fla., won't come back until sometime around 2038.

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