Buying a first home: Las Vegas

[eastbay]

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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.

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Let me balance my argument: 50k new unsold homes is a worrying number. Currently less than 1k new homes are selling a month. You can do the math on how long it will take to clear that inventory even if not a new single home is built - which won't be the case.

That's a supply/demand imbalance that will take a long time to work itself out. Of course, once signs of a bottom show, you may see pent up demand come out of the woodwork...

eastbay