A Wisconsin firm projects Las Vegas home prices will fall 14.2 percent this year and another 6.7 percent in 2012.
Financial services firm Fiserv Inc., which produces the Case-Shiller Indexes, reported Monday that markets such as Las Vegas, Detroit and Orlando, where unemployment and housing vacancy rates remain high, will see further erosion of prices through 2012 before price declines stop in 2013.
The index, which said Las Vegas home prices fell 56.7 percent from the fourth quarter of 2005 through 2010, measures prices of individual homes sold over time. Other research firms provide median prices of all homes sold in a particular quarter.
Fiserv said it expects the decline in home prices through next year to be the third steepest in the country. The company said Las Vegas home prices have fallen 4 percent in the past year.
Nationally, the firm said prices will drop 3 percent in 2011.