Las Vegas Case-Shiller index drops to 169. That data reflects March pricing and the drop from February. My prediction is that we’ll have one more good-sized drop in the index when it comes out at the end of June. Come end of July, though, the index will only go down if the sales that happened in the month of May were at lower prices than the sales that happened in the month of April. I predict that didn’t happen (interesting use of tenses there, no?). My prediction is that based on anecdotal evidence that foreclosures in April sold at lower prices than foreclosures in May, that we’ll see a leveling off of Case-Shiller in Las Vegas. That should get significant national attention, because I predict at the same time that most other parts of the country will continue to see price declines. You read it here first!
Chart courtesy of Calculated Risk: