Recently, I was reading in Realtor news and came across this article which I found encouraging.  It also speaks to what I have been seeing for the last several months.  That is, even with, or perhaps because of the huge amount of Foreclosures we are experiencing in the Vegas Valley, and the incredibly low prices we are seeing for those homes as they come back on the market, affordability is at an all time high.  Add to this the fact that investors are seeing a bargain.  And finally, when you add record low interest rates to the mix, the result is... can anyone here spell BOOM?  Here is what the article said... Note that of all Cities throughout the entire United States, Las Vegas was #1 on the list:

 

                        10 Cities Boasting Mini Sales Booms
Some cities that were hardest hit by the real downturn are experiencing mini sales booms.

Las Vegas real estate properties are down 28 percent in price, but sales of homes are up 15 percent.

Motivated buyers accounted for 64 percent of Las Vegas sales in October, says Radar Logic, a derivatives firm. That’s the highest rate in the country.

"There's a pretty active housing market, it's simply at a lower-priced inventory," says Michael Feder, chief executive of Radar Logic. "And there are now bidding wars taking place over homes in foreclosure."

Phoenix and San Diego are reporting similar experiences.

"We're clearing out the bad news," says Kiva Patten, a director at Merrill Lynch specializing in housing derivatives.

"By the end of 2010 – that's where we're calling the bottom in the forward market. You're going to get a small price appreciation in 2011," says Patten. "It's not like the turn is 10 percent per year, it'll be something like 3 percent or 4 percent."

Here are the cities where experts say it makes the most sense to buy now.