Deterioration of vacant homes -- many of them bank-owned -- continues to drag down home values in Las Vegas while other housing markets are showing signs of stabilization.
Local home values have dropped more than 60 percent from their peak to a median price of $111,000 in May, Home Builders Research reports.
Hundreds of foreclosed homes languish on the market for months, even years, often hurting home values in the surrounding neighborhood. They're consistently devalued by appraisers, chopped by $5,000 or more based simply on appearance.
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