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Home sales languish in Las Vegas

Tough economic times continue in Las Vegas

Tough economic times continue in Las Vegas

At 14.3 percent, Nevada has the highest unemployment in the country. The latest housing report won't do the Silver State's jobless rate any favors.

According to Local Market Monitor, a real estate analysis company founded in 1990, Las Vegas is the worst place to buy a house in the country due primarily to its high unemployment rate. Speaking to CNNMoney.com, Local Market Monitor's COO Carolyn Beggs said Las Vegas has a lot of jobs in the manufacturing and construction industries, but because those markets have been so volatile, it's hard for job seekers to land a stable position.

Meanwhile, Las Vegas area homes are also one of the country's best buys.

What explains this cognitive dissonance? Local Market Monitor says it's the surfeit of homes that Nevada home builders have been unable to sell. Along with Orlando, Florida, there's a huge number of homes that are ready to be purchased, but the heavy supply and low demand has driven the prices of homes down to levels that are 50 percent of what they were at the height of the housing bubble. In fact, Local Market Monitor puts the average home price in Sin City as 30 percent lower than what's considered fair market value.

Of course, how these ratings affect someone in the housing market depends on whether one is buying or selling. Buyers want homes undervalued; sellers want homes overvalued.

But seeing how no one seems to buying in Las Vegas, it's all bad news..