Apparently the house doesn't always win in Vegas. According to today's Case-Shiller home price indices, home prices in Las Vegas tumbled 31.3% year over year in September.

And that was only the second-worst performance in the monthly index, which measures home prices in 20 major metropolitan areas around the country. The winner (or loser)? Phoenix, whose homes experienced a wealth-busting year over year slide of 31.9%.

Dallas exhibited the smallest rate of decline; home prices deteriorated only 2.7% compared to September 2007 in that Texas housing market.

"The turmoil in the financial markets is placing further downward pressure on a housing market already weakened by its own fundamentals," said David M. Blitzer, chairman of Standard and Poor's index committee, which published the Case-Shiller data. "All three aggregate indices and 13 of the 20 metro areas are reporting new record rates of decline."

Those indices include the 10-city composite, which recorded an 18.6% drop compared to the same month a year ago. That includes Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington, D.C.
Case-Shiller's 20-city composite index posted a 17.4% decline, which measures the same cities as the 10-city composite plus Atlanta; Charlotte, NCCleveland; Dallas; Detroit; Minneapolis; Phoenix; Portland, Ore.; Seattle; and Tampa, Fla.

Standard and Poor's also today released Case-Shiller's third-quarter 2008 national home price index for 2008's third quarter, which is based on composites of single-family home prices across the nine Census regions.  According to this indicator, home prices are down 16.6% compared to the same quarter last year.

Alison Rice is senior editor, online, at BUILDER magazine.

Learn more about markets featured in this article: Dallas, TX, Las Vegas, NV, Atlanta, GA.