Here’s an excellent run-down of the real estate situation (disaster?) in Las Vegas. Prices are expected to fall another 15% with two years of supply on MLS and 48% of the inventory sitting empty. But it’s not all gloom and doom.
There is $15B being invested in new casino and residential developments along the Strip. This will generate an estimated 100,000 new jobs or +12% to the current 900,000 positions. This growth should create demand for housing and drive a turnaround in the next few years.