We’ve got Case-Shiller figures for October, including the chart in this post. In short, prices were “flat but stable.” For the entire decade, however, there was no rise in property values once inflation was taken into consideration.

I do not have an intimate familiarity with how Professors Case and Shiller get these numbers, but I suspect that there is no accounting for the lower prices and worse condition of distressed properties. Theoretically, I should be seeing prices much lower than they actually are — and while I do see super-cheap properties, I see solid pricing in the mid range.

Please remember, in the Las Vegas Valley properties priced under about $60,000 should be considered cash only due to difficulties getting financed. It’s an opportunity for investors with lots of cash and even more patience, but not an opportunity for first time buyers who are thinking they can buy a place for the same monthly outlay as a crappy apartment. Between downpayment issues, appraisal issues, and repair issues, mortgaging such properties almost never works out. Seriously, save the downpayment for the pricier place, preferably without involving the FHA.