According to a new report on the distressed Las Vegas housing market, values of homes throughout the area are at the same level as they were in 2003.

The report from Zillow.com shows that the market peaked in the first quarter of 2006, and home values have fallen more than 34 percent from that high point two years ago. Almost 98 percent of homes lost value in the second quarter of 2008, and over the past 12 months, 99 percent of homes are down in value.

More than 69 percent of people who have been able to sell a house in the current market have had to do so at a loss.

The average home price in Las Vegas is now $205,500, down 27 percent from last year, and off considerably from the peak average value of $313,275.

Perhaps the most distressing result of the declining values is the number of property owners who have negative equity on their homes. While the number is down to 26 percent of buyers in 2008, almost 70 percent of people who bought homes in 2005, 2006 or 2007 are dealing with negative equity.

This latest round of bad news for the housing sector suggests that the bottom may still be a ways off. Most experts are now suggesting that the market may not start to rebound until next year.

By Casino Connection Staff

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