This weekend I had the chance to talk with the owner of one Las Vegas' home builders. He pays a great deal of money to research the market and understand its direction. He was exciting to talk to. As two professionals he had no reason to pitch or skew the truth. He mentioned they just bought up 70-some lots on the south end of town. His company projects that it will take 18 or so months for the market to sort itself out. That's about the same time it will take to build out the lots they just purchased.
He credited the recent market turn to builder over-development but is very hopeful for the near future because much of the new home inventory has dried up. The resale market will lag a bit because of its inflated inventory but it will eventually settle out as well.
His comments about the market provided a refreshing outlook on the current and future market.