DMM: I got this information from a local real estate blog. I’ve included the URL at the bottom. It was dated September 3, 2009 so it’s fairly recent. Las Vegas, where Ernie and I live, has been at the epicenter of the real estate market meltdown. The reason, is because we’ve had amazing growth for about 20 years now and the highest incidence of predatory lending in the country. So the region fell the hardest from its too lofty perch of a few years ago.

We talked with a Realtor while at a party last weekend. She said the massive inventory of foreclosures is a thing of the past. Houses are still selling for much less than a couple years ago. But they’re inching up as demand is about to outstrip the available supply. If real estate is coming back here in Vegas where it sunk the lowest – can your part of the country be far behind?

Here’s the blog post:

Could this be true? You betcha!! Homes coming on the market are priced to sell and are all too often being bid up in price. Just today I submitted an offer for a home that is $37 a sq. ft. WOW!! I’ll bet a dollar there will be a bidding war on the property. Even if the home sells for $50 a sq. ft. that is less than what it cost to build the home.

Inventory is moving super fast! Our office listed a property and the seller was worried it would take more than 3 months to sell. Was he wrong, there was a bonafide offer on the table in less than 24 hours and in escrow in 2 days.If you are serious about buying in Las Vegas, now is the time!!

URL: http://www.lasvegaswebofhomes.com/2009/09/