[LIS123]

RE is typically a local market, so comparing LV and Detroit is of limited utility. Detroit is a bad benchmark b/c the local economy is doing very poorly and it's not a desirable place b/c of that, along with high crime and bad weather. Almost any major metro area in the US is more expensive than Detroit. Places tend to be expensive or inexpensive for a reason and there are reasons why Detroit is cheap. Vegas is a place that might be considered inexplicibly expensive, but that will likely change.
That said, you're right about the median price of $296K being a bit high. It almost certainly will come down, but probably not to $200K.

[airics]

lol, always wanted to live in a city that has no jobs and is riddled with crime.. i hope the 235 value, actual cost was 70 grand....

[gulfer]

Saltire...since that was your first post hard to see how you'll be on this board. Take that house in Michigan (I grew up in Michigan) and try to make the mortgage with the job situation back there. Real estate taxes are about to shoot thru the roof and sales tax is going to go up. NO otherway for the state to meet budget issues when so many foreclosures and layoffs going on.
You're not going to get the big green yard in Vegas unless your worth millions (hope I'm not the first one to tell you) IT'S THE DESERT!!!
If you don't like it don't go, if you don't like the price then rent (and after 3-5 years of renting) and ask yourself where all your money went. Equity will be back and then rise as normal. 1-2 percentage points a year. I'm no expert, but I honestly don't think you'll see the run up like you did. But it's Vegas with lots of jobs, no northern winter, no state income tax, low property tax, etc...
It's all about what you're looking for. And if you buy that 3000 foot home in Vegas remember, you have to keep it cool! Water costs money there too.
Say what you want, you can't possibly discourage about Vegas. All the negatives on a Vegas board will just have you end up looking like Sherriff or RedWingsFan

[Fastrudy]

Wow! Lokig at a thread of RE predictions for 2008. Had to revive it.