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In response to Tom Clemmer....

Mr. Clemmer, are you by chance Marcie Geffner in disguise? The first half of your post bears a striking resemblance to an article written by Marcie Geffner, which was paid for and posted on Bankrate.com on June 3, 2008.

Here is the link:
http://www.bankrate.com/brm/news/mtg/20080603-housing-indica…

Its not cool to post the writing of other people as your own. And you have done so multiple times on this website. In fact...its known as plagiarism. Punishable by law.

You might wish to check out http://www.marciegeffner.com to see what her policy is on reprints. Here's a short excerpt from her website:

All of my work is protected by U.S. Copyright Law and cannot be reprinted without the express written permission of the copyright owner. Display of my byline, photo and/or copyright notice does not constitute permission. Please contact me for information about reprint rights and fees before you use, copy or reproduce any content that displays my byline and/or copyright notice. Thank you.

Another portion of your article was lifted from the front page of Patrick.net. You might wish to contact them also.

Truly I'm impressed with your plagiaristic skills...you have a bright future as a college professor ahead of you. - Thu Jun 12 2008, 23:20

Don't buy a home in Las Vegas until 2009 at the earliest.

Home prices will fall another 20 to 30% from current levels, depending upon the severity of the recession.

A mild recession should cause prices to fall about 20% from current levels, which will put home prices back in tandem with historical price appreciation levels.

A severe recession, analogous to the 1972-73 recession, which I believe is the more likely scenario, could cause prices to plummet as much as 30% or more from current levels.

The Case-Shiller index of home prices in Las Vegas was 186.05 in January 2008, the latest month available. A quick check at the Chicago Mercantile Exchange, which trades a future related version of this index, is forecasting this index to fall to 147.0 by November 2008. That equates to a 21% drop in home prices from prevailing prices in January 2008.

The bursting of the housing bubble is the major cause of the current recession. The recession will end when home prices ultimately reach equilibrium with demand. As of yet we are, unfortunately, nowhere near that point. - Thu Apr 10 2008, 23:41