According to the latest from the Case-Shiller home price index, home prices were down 15.8% in May. They report, "For the second straight month, all 20 MSAs posted annual declines, nine of which are posting record lows and 10 of which are in double-digits."

In the latest report, there were some cities that showed signs of a turnaround, with prices moving upwards from April to May. Denver showed a slight rise -- going from 128.49 to 129.72 -- around a 1 percent gain.

Case-Shiller reports that the "markets that experienced large gains in the recent real estate boom continue to be the biggest decliners." Two high on that list were Miami, Florida, and Las Vegas, Nevada. Las Vegas saw prices drop 2.9 from just April to May this year.

Local experts, such as Eileen Engel, remain positive about the Las Vegas market, reporting, "Las Vegas is a city of rebirth with people of all aspirations coming to the city ... 750,000 new residents since the early nineties. No state income tax and low property taxes in Nevada have made Las Vegas the place to be for industrial and professional growth. This population growth combined with great job potential ensures the continued success Las Vegas has experienced."

She does, concede, however, that it is currently a buyers market, with moderately falling home prices.

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Published: July 31, 2008

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Carla Hill, M.A., works on the Realty Times staff as Managing Editor for our online publication. She also is Producer for the real estate news channel, seen daily on RealtyTimes.com and on video newsletters nationwide.