Las Vegas Home Prices Fall By 33 Percent From 2007 To '08, 2nd Largest Drop

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A sign is seen outside a foreclosed home February 24, 2009 in North... News PhotoConstruction Industry,Finance,Foreclosure,Horizontal,Las Vegas,Nevada,USAPhotographer Collection: Getty Images News 2009 Getty ImagesNORTH LAS VEGAS - FEBRUARY 24: A sign is seen outside a foreclosed home February 24, 2009 in North Las Vegas, Nevada. Home prices in Las Vegas fell by 33 percent compared to the same period last year according to the Standard & Poors/Case-Shiller index for the fourth quarter of 2008. Las Vegas' slide was the second worst of the 20 cities tracked by the index, which also shows that national home prices dropped 18.2 percent in the fourth quarter, the largest slide in the index's 21-year history. In addition, the Federal Housing Finance Agency on Tuesday reported an 8.2 percent drop in home prices from a year earlier, its largest annual decline recorded since 1991. (Photo by Ethan Miller/Getty Images)