Las Vegas Seems To Be Shifting To A Soft Market

There are those who are still arguing that Las Vegas is going to suffer a steep decline this year and that the housing bubble is going to burst. Marketing Solutions real estate consultant Steve Bottfield has said that consumers haven't seen that happen yet and probably won't.

There has been a 21.5% decline in new home building permits for the year and this has some developers worried. Also local home builders pulled 1,367 new permits in September, which was the lowest count in over 56 months.

According to Bottfield "Builders are not building as many houses, which means inventory is being adjusted downward".

This is has been reflected for a number of months according to other analysts. The word on the street is that until you see permits going upward, this is going to be a soft market.