LV Experiences One of the Sharpest Price Decline
Diana Heeb Bivona
The Standard & Poor’s/Case-Shiller National U.S. Home Price Index, which tracks the value of single-family housing, dropped .7% in the first quarter compared to fourth quarter of 2006. It marks the first time in more than 15 years of positive annual growth that the index has dropped into negative territory.
While Detroit and San Diego had the largest annual declines at 8.4% and 6%, respectively, Las Vegas received the dubious honor of being one of two cities that had the sharpest drop from its peak. Phoenix was the other.
Las Vegas, which was up 53.2% in September 2004, dropped to a year-over-year price decline of 1.6% in March.
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