Forbes Predicts Further Declines on Old Data
The other day, I read this Forbes article about how much more we can expect housing prices to fall. Not too surprisingly, their list of 10 markets that should have the steepest drop — from here! — includes Las Vegas.
They state that the median house price here is roughly $181,700 and that we should expect an additional 25% drop. I have two problems with this. First, the median price of active listings is much lower than Forbes’s figures at $154,900 as of April 13, 2009. Further, my readers know that the median price of homes actually sold has actually been in the $130k range.
A 25% drop from what Forbes claims is the median list price would be $136,275. That’s pretty close to the median sales price we are actually seeing. Do they mean we drop further from here? Or is Forbes accidentally calling a bottom here? Only their columnist knows for certain.
July 10th, 2009 at 10:21 am
[...] The last thing in the world you want is to end up with a bankrupt HOA. And finally, after panicking about future price drops a few months ago, Forbes says the housing market “bottoms out [...]