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6. Las Vegas, NV
Las Vegas
Home price forecast (1 year):* -15.4%
Few real estate markets suffered as much as Las Vegas after the bubble burst. Home prices plummeted down more than 22% in 2009, and are off more than 55% from their 2006 peak.

The recession has harmed the mainstay of the city's economy: tourism. Americans are traveling less and spending less when they do. Local unemployment has soared.

Las Vegas had nearly 95,000 homes go into foreclosure in 2009 -- one for every eight households, the highest rate in the nation. And the hangover in Sin City will persist. Another 15% drop is expected this year.
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Population:
(2006)
1,777,539
Median family income:
(2008)
$63,900
Median home price:
(2009)
$157,000
Affordability index:
(Median home price/family income 2009)
2.5
Prices peaked in: 2006:Q1
Total climb during the boom:
(2000 to peak)
130.8%
Total decline so far:
(Peak through 2009)
-57.0%
One-year change:
(Q4 2008 to Q4 2009)
-22.4%
Additional price change to bottom: -18.1%
When they'll hit bottom: 2011:Q3
*(Q1 2010 - Q1 2011)
† Data is for Las Vegas-Paradise, NV Metropolitan Statistical Area
Notes:
Median home prices are for single-family homes through the third quarter of 2009, the most recent data available, and include sales of bank-owned properties.
Sources: Fiserv and Moody's Economy.com
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