A housing SHORTAGE in Las Vegas by 2009?

You heard me right, a SHORTAGE!  But how can that be- Las Vegas is one of the real estate trouble spots, right- DEAD WRONG!  A report from the Southern Nevada Home Builders Association   indicated that the growing work force will demand more condominiums, town-homes and apartments due to affordability issues and that single family homes will be less in favor due to increased land and materials costs.  What has been happening is that with lessened housing demand, builders have been selling their land holdings, sitting on or not building on land currently in the portfolio and closing sales offices at poorly performing communities which has greatly diminished the supply of housing.  This has not been an issue in 2007 since the demand was not adequate enough balance out the lack of supply but in 2008, where several industry insiders predict an upturn in real estate demand will occur as early as in the first quarter of the new year.  Remember, in the next five years, there is a staggering $65 BILLION in major construction projects being undertaken in Clark county and that means jobs, new residents and increased demand for all types of real estate! How long will this process take?  This is unknown but with the historic level of mortgage rates and real estate prices that the Las Vegas Review Journal reported  “Experts say prices will not go much lower”, we could already be in the trough and demand and prices may head upward as soon as March 2008!   Contary investment theory dictates that the time to buy is when when the rest of the market is selling- so what are you waiting for? Have a HAPPY and PROSPEROUS NEW YEAR! 
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