Yes and No. Data is only as good as the interpreter and it can be skewed a number of different ways. Las Vegas has one of the strongest long-term forecasts of any market. Depending on your source of news, however, you are only getting a small portion of the big picture. The media if it "bleeds it leads" is only reporting bad news as good news is not news. If you take time to study facts, you will discover that the best time to buy is now!
New home inventory has declined and re-sale inventory has declined which means we have slowly begun to settle. Bank owned properties have multiple offers and over 50% of all closed transactions are bank owned right now.
Remember 6 years ago what started the housing frenzy? 