As of the end of last year, Las Vegas housing prices were below those in January 2000.
To be fair, Cleveland and Detroit are in the same boat. But, neither's in the Sun Belt, the new economy, etc.
The Vegas numbers probably should be of concern for Phoenix and California's Central Valley, though. Add in cutting back on discretionary spending, though, and Vegas has its own unique problems. The gaming/casino industry will probably take the better part of a decade to fully rebound. So, some parts of America will have a Lost Decade, like Japan.
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