In a post on RealtyTimes, Sean Brown quotes an anonymous agent, who says of the Las Vegas market:
The market is not "depreciating," it is "correcting." This is normal and is actually a positive thing to keep sales steady.
[4/6 Edit: Sean Brown's original post referenced a letter that was critical of his position on the Las Vegas market. This quote is part of that letter, and was not given as the opinion of Mr. Brown. My apologies if this appears to be the case.] If "correcting" is a "positive thing," Las Vegas should be very happy. The median price of a single family home in the Las Vegas metro area, according to data released by the GLVAR, has dropped from $314,950 in March of 2006 to $305,000 in March 2007, for a drop of 3.2%. This is also down from February’s $310,000.
