Tuesday, Sept. 30, 2008 | 12:19 p.m.
Beyond the Sun
The Las Vegas housing market picked up another dose of bad news today.
A closely watched index released today showed home prices nationwide tumbling by the sharpest annual rate ever in July, and though the monthly rate of decline is slowing, there is no turnaround in sight. Prices in Las Vegas dropped at a rate higher than any other city on the list.
The Standard & Poor's/Case-Shiller 20-city housing index fell a record 16.3 percent in July from the year-ago month, the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.
Las Vegas prices plunged the most at nearly 30 percent, with Phoenix diving 29 percent and Miami, 28 percent.
There's "no evidence of a bottom," said David M. Blitzer, chairman of the index committee at S&P.
Though the Case-Shiller is a widely watched gauge of market conditions, the index lags other key housing indicators. August data on new and existing home prices and sales showed the real estate recession is still in full swing.
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