Business Services Industry
Experts: Changes in Las Vegas Housing Market Dynamics Could Cause Trouble.
Knight Ridder/Tribune Business News, August, 2003
By Hubble Smith, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Aug. 22--The Las Vegas housing market isn't going to sustain the rate of appreciation it has enjoyed for the past four years, and that's going to create risky business for home builders, according to one housing expert.
With interest rates creeping up and median new home prices topping $200,000 in Las Vegas, the frosting is coming off the cake that has been one of the few sweet spots in an otherwise sour economy.
"You can't expect to make a deal work on today's numbers. You have to use less of an appreciation value," Michael Castleman, executive vice president of Metrostudy, a company providing market information to housing-related industries, said Wednesday....
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