Just for the hell of it, I asked Ron to run some stats last night. We haven't been doing this on a regular basis for months; it's pretty obvious to everyone where the market's been headed. It was interesting to note that the median price of homes in escrow in Las Vegas dropped 30% this year. Ouch. I think Vegas is the best place to invest right now - but it's so hard for we cheerleaders to be effusive right now, even when the rest of the country is suffering along with us.

Ben Bernanke's support for efforts to prevent further erosion of the housing market encompasses some fresh and interesting ideas. With estimates showing that up to 20% of U.S. homeowners may be "buried" in a home that isn't worth what they owe, preventing further price erosion is good for all of us. Let's hope the powers that be vet Bernanke's ideas quickly, and that these elected officials get off their butts and do something constructive soon.

If the Treasury can drive some interest rates down to 4.5% by buying up more mortgage-backed securities, that would certainly help some homeowners avoid foreclosure. There are many ideas on the table, and perhaps if our "leaders" could agree on a few of the better ideas, and actually begin to move the rock forward by implementing these, we could slow down this speeding train and avoid a derailment.

NOTE: FHA is lowering it's maximum lending limit for the Las Vegas area from $400,000 to $287,500. The change takes place on January 1. As I said last week, this may be the perfect month to buy in Las Vegas. These limits won't apply to many LVA readers, who enjoy more financial stability than average Americans; however, it may be a great time for your kids to buy their first homes if they are looking to live in sunny Las Vegas.

Speaking of LVA readers: I had the good fortune to meet with two LVA readers yesterday. It's not the first time I've met with two or more LVA readers on the same day, but this month is always a slow month. So it was a treat to be selecting homes to view with one LVA reader and have dinner with another San Francisco-based reader who recently bought a home here.

I had a great time with both, and learned more about their common interests in Las Vegas and gaming. LVA readers knows much more about finding good deals in Vegas than we locals do! Both of these clients spoke highly of Jean Scott's Frugal Vegas blog, and convinced me that I need to start making friends through posting to the boards. I also learned about "meet-ups" from a client who has made some very good friends through LVA. Sounds fun!

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