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http://macromarkets.com/csi_housing/MSA/las_vegas.asp
Check out where prices are headed in Vegas. You might want to wait awhile.
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I respectfully disagree that that chart shows "where prices are headed", although it is my opinion that median prices will continue to decline for another year or so.
On a 5 year chart, RE appreciation in LV is in line with commodities and nearly in line with stocks.
On a 10 year chart, you're normalizing against the dead bottom of the fallout from the 1990 RE crash, circa 1997, and near the blow-off top of the stock market. Of course it's going to look silly when you pick those as "equal" starting points, because they were not.
These charts that average over everything in an entire area also miss the point that there are currently very wide differences in value at the same point in time. You could easily get ripped off in LV, in fact most properties are almost certainly rip-offs at current asking prices. That doesn't mean there will be zero opportunities for a good entry point for the long haul.
eastbay