Danger, Danger, Danger, we have a full blown crash alert in Las Vegas

10532 Bardilino Street, Las Vegas, NV 89141

- Currently listed on the MLS for $214,000

Previous sales history for this home:

- November 2007 foreclosed upon

- August 2006 sold for $405,000

- July 2001 sold for $172,000

House has lost 48% of its value in less than 2 years, and that is of course assuming someone will pay the full asking price of $214,000.

Just for shits let me remind everyone what the so-called experts were saying around the time some poor sap paid $405,000 for this house:

Iidot #1: Tim Sullivan

"The much ballyhooed housing bubble isn't happening Las Vegas, a real estate consultant said Tuesday. At a housing seminar at the Four Seasons, Tim Sullivan, principal of San Diego-based Sullivan Group Real Estate Advisors, said a housing bubble would defy all fundamentals of the local market. "The market's not going to hell in a hand basket, and our safety net is California," he said. Sullivan said Las Vegas can't have a housing bubble with this kind of job growth and in-migration"

Idiot Runner Up: Larry Murphy

"Larry Murphy, president of SalesTraq, reported similar numbers. His median new home price was $297,289, up 6.4 percent from October 2004. He has existing home prices at $285,000, relatively flat from $284,500 in September, but up 14 percent from a year ago. Murphy said there is no housing bubble in Las Vegas, nor will there be one in the near future. "Frankly, the vaunted housing bubble is just like Y2K-- a scary proposition put forth by people who do not understand the real estate fundamentals of this market,"