The latest inductee to the “Re-Busting” lineup is Las Vegas with a Radar Logic price line reflecting the phenomenally extreme circumstances of boom and bust as has ever been seen.Back in late 2005 and early 2006 the popular real estate boards we rife with debate over the fate of Las Vegas.
Some witnessed the extraordinary run up and saw a future with an inevitable correction, others argued that there were fundamental reasons for the appreciation and sought to double down for even greater returns.
Well, we now know how those “bets” turned out… one day your holding all the cards… the next all the loss.
In any event, the government’s attempt to ride to the rescue of the sorry lot who came out short by luring in others who had not yet had the opportunity worked to spark the best suckers rally the Las Vegas market had seen in three years.
This mini-boom lasted some three months peaking out in late summer 2009 before falling back down again by early fall.
Coming into November there was another second blip run-up into the first expiration of the home buyer tax gimmick but again, prices dropped again.
It’s important to recognize that Las Vegas is now down at series lows some 59.12% below the peak seen in 2006 and continuing to decline at the fairly brisk pace of 15.63% on a year-over-year basis.
