Well, it looks like Vegas is rolling "snake eyes" so far in 2007. When I was in Las Vegas last July, a cab driver asked me what I thought about the housing boom in Vegas. I told him that he should probably wait to buy a house. He thanked me for the advice as he had been thinking about buying an overpriced house that he couldn't afford with an "interest only" mortgage. I suspect he is smiling today as he has the opportunity to buy a house at a huge discount from last year. Likely, the market will get much worse before levelling off. Here are the latest charts, courtesy of HousingDoom.