Folks, here's what an epic, historic and devastating housing crash looks like. Welcome to Las Vegas Nevada, where gamblers come to get slaughtered

The median price in Vegas has now fallen $62,000 in just the past 12 months - that's over $5,000 a month, or $170 a day. Ouch. You'd have to get killed at the craps tables to lose so much so fast. Or trust a realtor on commission of course. And remember, knife catchers, we're just getting started...

Thanks Doom for the graph and info.

And one more time, this one is just too good:

"Home prices are still going up in Las Vegas. That flies in the face of bubble theorists. There never was a bubble in Las Vegas, and there isn't one in the future."

- Larry Murphy, president of real estate monitoring firm SalesTraq, July 2006

What happens when all the buyers go away, everyone wants to sell, and your town's REIC economy is fake? Well, just go to Vegas to find out

It is fascinating to watch the end of a Ponzi Scheme. Sad, but fascinating.

Hint to anyone trying to sell a home in Vegas - rollback prices. It's no longer 2007. Or 2006. Or 2005. Or 2004. Turn on the way-back machine, and do what you need to do to get out now.

Because it's just gonna get worse.

Oh, one more note. It's nice to see the national media doing the job that the local media is supposed to do but won't, as they're supported by REIC ad dollars, corrupted and dying.

Lady luck turns on Las Vegas' once-hot home market

LAS VEGAS (Reuters) - People trying to sell their homes in Las Vegas -- one of America's hottest job and property markets over the past decade -- have seen their luck turn dramatically worse this year.

Away from the flashing lights of the famed Strip, thousands of signs in front of single- and two-story homes illustrate a glut of available properties, many of which are now vacant. Along one stretch of six homes on Edgeworth Place in south Las Vegas, four show "for sale" signs.

After more than half a year on the market, one house is in the process of being sold after the owner dropped the price from $324,000 to $250,000, broker Doug Helen said: "They literally wanted to get rid of it."

Another owner on the street moved back to his native Singapore because he thought his children could get a better education there, his broker, Betty Chan, said.

The situation has also been tough on builders, who continue to expand into the desert around Las Vegas. Robert Toll, chairman of Toll Brothers, recently told analysts the new home market in Las Vegas rated an "F minus minus."

"What are we doing about it? We are out there with the rest of the builders in Vegas praying. There's not much you can do," he said in August. "You can't advertise your way out of that situation. You just have to wait for the market to come back."

HousingPANIC Las Vegas Housing Crash Quote of the Day

"‘What are we doing about it?’ Toll asked. ‘We are out there with the rest of the builders in Vegas praying. There’s not much you can do."

-Bob Toll, August 2007, no longer "dancing on the bottom", but crashing right through the floor now

Forbes picks "Top 10 Riskiest Housing Markets". They almost got it right.

Here's their Top 10:

1) Miami
2) Orlando
3) Sacramento
4) San Fran
5) San Diego
6) Phoenix
7) KC
8) Cincy
9) Chicago
10) Denver

Here's HP's:

1) Miami
2) Phoenix
3) Las Vegas
4) Tampa
5) San Diego
6) Tucson
7) Boston
8) DC
9) Detroit
10) Naples

What are yours?

Riskiest U.S. Housing Markets

Those looking to spin the real estate roulette wheel might want to steer clear of Miami. It ranks first on our list of the nation's riskiest real estate markets.

There, a high share of adjustable-rate mortgages, high vacancy rates and slumping prices still too elevated for the local populous means should long-term bond yields climb, interest rates jump or the housing crisis linger much longer, things could go from bad to worse.

Our ranking of the country's riskiest markets measures which of the 40 largest metros are most vulnerable to future shocks. We've done this by assessing which have the most strained lending conditions, and which markets are the most overvalued and likely to face downward price pressures.

Post-housing-bubble new city catch phrases

Here's five housing crash cities. Come up with your post-bubble mottos. Here's a few for starters:

Phoenix - There never was a there there

Las Vegas - Loser city of losers losing money (hat-tip anon HP'er)

Miami - I guess we'll go back to dealing hookers and cocaine now

San Diego - Mexicans still love us!

Washington D.C. - Anyone want my condo? Anyone? Anyone!

Las Vegas we have a problem (pass the ramen noodles please)

Thanks to Twist at the always excellent housingdoom for the graphs...

No big surprise I guess that the two biggest cities for fraudsters, con men, get-rich-quick hucksters and uneducated soulless cultureless posers (Phoenix and Las Vegas) are now home of two of the biggest American housing crashes.

We need a name for the Phoenix and Vegas housing implosions. I propose...The Dot-Condo Debacle In the Desert