A "Credible Correction" Underway in Las Vegas Housing

Brian Wargo writes in In Business Las Vegas:

The Las Vegas economy may be battling a recession brought on by higher fuel prices and a slowdown in the nation’s economy, but the region’s housing market is showing signs of improving, according to a UNLV economist.

Keith Schwer, director of UNLV’s Center for Business and Economic Research, says the housing market has shown its first signs of a “credible correction” and that it’s not just wishful thinking that may have sprouted over the past two years.

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“Most notably, the silver lining in an otherwise turbulent scene is housing,” said Schwer, who gave his midyear economic forecast June 25 at the World Market Center. “The critical factor is housing is correcting and it is not the problem it once was.”

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Schwer’s forecast gives credence to those who think the housing market has been improving in recent months with increased sales in the existing-home market, although the new-home market remains sluggish.

 

Full article here.

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