I live in the Las Vegas area. We are seeing new residential construction continue here in selected areas.
Nevertheless the trend is toward much less land intensive construction, as land prices here have increased dramatically the past few years.
Over all what is happening in the real estate market is nothing less than a much needed shake out of a much heated up market. I believe this is a healthy and necessary adjustment in the market.
As far as the Las Vegas area is concerned we are seeing major commercial construction projects all around, including a 7 billion dollar MGM project near the Strip.
Based on the constantly improving job market, increasing population and increasing wages in the nation, I believe the housing market will shake itself out in about a year, and we will see a return to normal housing market conditions in no more than two years from now.