It seems that demand has returned back to Las Vegas. Now I don't think we'll see appreciation, but the conditions are definitely much more favorable than last year. While we're far from out of the woods in the lending industry, it seems that we're at least getting some programs back, and the people who can qualify are increasing, not decreasing like they did over the last year. Single Family Residents under contract from the beginng of the year, admittedly, a traditionally slow time of year, have increased from 1,997 under contract almost increasing that much (1,994 units) to 3,921, or a 96% increase. It certainly seems that there is movement in the Las Vegas market. Other good news is that the decline in prices and the mass influx of renters as a result of the foreclosures and short sales means that the Rent-to-Sales price ratio is almost back to normal. Should you buy in Vegas today? That depends on the type of investor you are, and you already know what kind of investor you are, but there are some very favorable indications

A good source of data on repossessed homes being sold by the U.S. government is the Web site of the Department of Housing and Urban Development (www.hud.gov). Information on available homes is updated weekly, HUD says. While the pursuit of foreclosed properties is highly competitive in some markets and no sure ticket to riches. A good rule of thumb is to invest in houses only if you're confident you can make at least a 15% to 20% return on your money. Be sure to allow for the costs of rehabilitating and selling a house. Aside from the cost of buying and fixing the house, you need to tot up the likely cost of financing, insurance, taxes and any brokerage commission on your eventual sale of the property. It's not as cut-and-dried as you might be led to believe, but it can be very profitable if you get it right.

With all the choices in today's market, how do you go about finding the right home? It seems the more research you do, the more alternatives you discover. It's important to visualize your needs and plan ahead. Know what you want in a home, what's important to you, and what you can live without. Many of us start out with a champagne taste and a beer pocketbook, so it's important to be realistic. Selecting a real estate professional is an important first step in beginning your search. Ask for personal recommendations to find an individual who is knowledgeable about the neighborhood and has access to the local Multiple Listing Service. Make sure you feel confident about his or her knowledge and skills, and understand the business relationship that you have established between you.