Bill here's some numbers you can view perhaps they will help you form an opinion..
Take a look at the med price declines....
Las Vegas, Nevada Home Sale Activity
Data is for the third quarter of 2009
Reporting resale single family residences and condos as well as new homes
* % Change is from the same period last year
Las Vegas Region October Home Sales
Las Vegas-Paradise, NV MSA
Number of sales Oct-08 Oct-09 %Chng
Resale houses 2,903 3,612 24.40%
Resale condos 506 971 91.90%
New homes 737 485 -34.20%
All homes 4,146 5,068 22.20%
Median sale price Oct-08 Oct-09 %Chng
Resale houses $193,140 $135,000 -30.10%
Resale condos $110,000 $71,000 -35.50%
New homes $247,582 $204,910 -17.20%
All homes $196,000 $130,000 -33.70%
Sales may be up but where are prices headed?
Now consider unemployment and you decide what you've got...
Good luck, Dunes