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All,
I admit I am basically a Real Estate fish but I don’t see how this isn’t a perfect time to buy. The front page of the Las Vegas Review Journal today proclaims, “Everyone has housing woes”, there are over 50,000 new unsold homes that aren’t selling and 2% of the houses in Las Vegas have been foreclosed. It seems like everyone is panicing and deeply slashing prices. Will these prices continue to fall? I can’t say and I doubt anyone else really can.
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Have you considered the effect of the rapidly dwindling water supply?
The Southern Nevada Water Authority predicts that even if all their projects to get more water are completed and working, by 2010 there will be a shortage of 64-million gallons of water a day. When people’s monthly water bill starts to approach the monthly house payment it’s got to be a negative for long term house prices.
http://www.klas-tv.com/Global/story.asp?S=6943263