The bubble bursts in Las Vegas. People think real estate is one huge market. It isn't. It's highly localized and subject wildly to local pressures. Vegas is going cold for many reasons. Not least of all is the sheer volume of space they have available. People with kids are far more likely to pull up stakes (if you'll pardon the pun) and move to the 'burbs so the kids can have space to play. I'm sure there's much more to it than that but I don't know enough about the market there to speculate.

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