Las Vegas Homes Bad Bet Until 2032

las vegas real estateIf you're laying odds on when the Las Vegas real estate market will recover, prepare to wait a long time to collect. According to a recent report, it will be decades before Las Vegas home prices rebound -- the year 2032 to be exact, says Celia Chen, housing market analyst for Moody's Analytics.

And Las Vegas isn't even in the worst shape when it comes to depressed housing prices. Foreclosure-plagued cities like Phoenix and Naples, Fla., will take even longer to see anything like pre-recession home prices, Moody's predicts. In Phoenix, for example, the number of listings with price cuts in December topped 40 percent -- an indication that any rebound will take months, if not years, to be felt.

But Las Vegas remains ground zero of the foreclosure crisis, with 1 out of every 99 properties in foreclosure, according to data from RealtyTrac. One surprising group that has benefited: Australians. Aussie real estate agent Vincent Selleck is busy marketing distressed U.S. properties to his countrymen Down Under. For the cost of a new car in Australia," he told AOL Real Estate, "you could own a home in the U.S.A."

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