Now that's a housing bubble...shocking statistics

From the Las Vegas Sun today:

"the average square-foot price of a resale home dropped from $544 in August 2007 to $106 in November,"

The story is on Lake Las Vegas, and I think it's referring only to that small slice of the Vegas market.  Still, that's pretty painful to see.

Meanwhile, the national picture looks like this:

according to this blog post from the New Yorker.  These are inflation-adjusted prices, even.