There is no housing "bubble" in Las Vegas

From the 3/3/07 Review Journal

MONEY QUOTE:
"These results fly in the face of the doomsday sayers who only a year ago were predicting that property values in Las Vegas would drop precipitously when the real estate bubble burst in Las Vegas," Murphy said. "It also flies in the face of local analysts who have been declaring all year long that property values are dropping. The fact is that following the boom of 2004 when we saw appreciation rates of 40 percent, the only thing that has dropped has been the appreciation rate itself."
click to read the entire RJ article