I'm an agent out in Las Vegas, and boy is it a buyer's market! Sellers want to make "deals" happen, and they're willing to negotiate. Prices might not get any lower, and selection may never be better out here.
It's also good for investors that rents are on the rise. The average rental out here is over $1200/mo. An example of a good situation is a rental condo I own purchased for a mere $75,000 in '06 and I'm renting it at $725. Other same-sized units in there are already going for $800/month! Feel free to try and contact me if you need any advice on the Greater Las Vegas-area market!