I knew Las Vegas would get hit hard by foreclosures when my friend bought a condo there for $300k a couple years ago. With nothing but open desert for miles around there's no way that a 2BR condo could be worth 300,000 crispies!
I don't call this market downsizing, I call it "right-sizing". Vegas cannot grow into perpetuity, like anything else there is a ceiling. As sad as it is, sooner or later many in construction and the businesses its' support industries will have to find the next boomtown. In their wake will be many, many foreclosed homes that whose prices will have to come back down to earth.
Vegas was, and will probably remain to be the playground for those in the Southern California area as well as an international gambling destination. I believe, like the mountain communities surrounding Los Angeles and San Diego, many of the homes in Las Vegas will soon be vacation properties.
You might be able to buy a vacation house there for the cost of a rough weekend pretty soon!
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