May 2 2008 12:00AM | Permalink | Email this | Comments (0) |
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Nobody's leaving Las Vegas these days ... at least not if they need to sell a house before they move. The Standard & Poor's/Case-Shiller home-price index indicated that Las Vegas had the worst quarterly performance in the first quarter of 2008, falling 25.9 percent compared to one year ago. Las Vegas was followed by Miami and Phoenix. The index showed the worst losses overall to be in California and Nevada, where declines were focused in new suburbs where builders built more homes than the market could eventually hold. Merced, Calif., was especially hard hit, as homes lost a quarter of their value over the last year. If you're a remodeler in these areas and can offer credit to your customers, you're better off than the contractor who must rely on home equity lines of credit to help their customers afford a remodel. Check out your financing options now, before the well dries up completely.