According to local realtors, the Las Vegas housing crash seems to be accelerating. In January, the median price of homes sold on the Multiple Listing Service dropped 1.3 percent. That is quite a reduction for just one month. It brings the total decline to 4.4 percent since June, when the sales price was an all-time high of $315,000.

Las Vegas has always been most commentor's pick for America's most overvalued housing market. Recently, BusinessWeek analysts said Las Vegas will lose the most of any major city in 2007 with 9.9 percent of its value disappearing. Fortune was a more less gloomy; it predicted prices will drop 6.6 percent in 2007 and 8.1 percent in 2008.

Keep away from those Las Vegas condos, folks. It is the fast track to foreclosure, bankruptcy and financial ruin.