There Is No Housing Bubble
According to reports released by NAR, Las Vegas homes prices are looking to continue falling in late 2006.
NAR released the report that tracks home pricing and found that many home prices are expected to continue on a modest decline for the remainder of the year.
This is good news especially when looking at the transition of the market. NAR testified to the Senate committee hearing that the real estate seller’s market is officially transitioning into a buyer’s market.
NAR president Thomas M. Stevens also testified that contrary to some new reports, there is no housing bubble. In all actuality the slowdown in the Las Vegas housing market is good for the local economy.
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