Monday, Aug. 18, 2008 | 8:03 a.m.
Beyond the Sun
Owners of more than half of all homes sold in the Las Vegas area in the past five years have negative equity in their homes, according to a new report.
The report from Zillow.com, which tracks real estate values across the country, indicates that home prices in the Las Vegas area have fallen to levels not seen since 2003, and homes sold for a loss in the second quarter of this year made up 69 percent of all home sales.
According to Zillow, the average home in the region -- including single-family homes and condos -- is valued at $205,500, which is down more than 27 percent from a year ago, and down more than 34 percent from the market's peak of $313,275 in the first quarter of 2006.
The report indicates that 99.4 percent of homes lost value in the past year.
Among the report's other findings:
- More than 48 percent of homes sold in the Las Vegas area in the second quarter of 2008 were foreclosures.
- About 70 percent of homeowners who purchased their homes in 2005, 2006 or 2007 have negative equity in their home. For example, about 73 percent of homes purchased in 2006 have negative equity, with homeowners having median equity of minus $52,444.
The full report is available here.