A total of 3,669 new and resale houses and condos sold in the Las Vegas metro area last month – the highest for the month of January since 2007, and almost 10% above January last year…READ MORE.
My Take: I would take the piece above to be an indicator that the housing market is at bottom and is showing signs of life. It’s not absolute, so I don’t think it’s time to start celebrating. In the article you’ll find that a lot of cash buyers are in Vegas buying low-priced properties. While these aren’t your every-day buyers, they are signaling that the perception is that his prices are discounted and therefore worthy of their investment dollars.
I believe the housing market is at a bottom, but don’t expect a steep climb from the bottom anytime soon. Take this as an opportunity to look into REIT’s that are publicly traded. REITs have been performing very well in the first 2 months of 2011. If you have some patience, go and do your research, find a few REITs that you’d like to own, set some lower than market limit orders and then wait for a market pull-back.