I read a story today about bus tours being organized by real estate brokers in Las Vegas for the purpose of bringing buyers around to see all the foreclosures available. This comment in particular made me upset, “RE/MAX CENTRAL believes it is a great time to buy Las Vegas Real Estate or a Las Vegas Foreclosure – interest rates are at near record lows, buyers have lots of choices due to abundant Las Vegas foreclosure inventory and lenders have great government assisted programs,” said John and Ruth Ahlbrand, Co-Founders of RE/MAX CENTRAL.

Yup, typical sales job. Say anything at all that will cause the sale to occur. Truth and facts don’t matter. The only thing than matters is making the sale.

I take particular exception to the statement that “it is a great time to buy Las Vegas Real Estate.” Well, it is a great time to Buy Las Vegas real estate if you are currently homeless in Las Vegas, have the money available to buy, and don’t mind seeing the value of the property that you just bough continue to drop in value by another 30%. If those conditions appeal and apply to you, then yes, it is a good time to buy.

But if you are looking to buy when prices are nearing their bottom, now is definitley not a good time to buy. There is a lot more downside adjustments in prices to come. We are not even 1/3rd of the way through this mess.

Of course, I just heard on TV that the bottom is in. I’ve only heard that every week since the summer of 2007. Give the TV talking heads enough time, and eventually they will be correct.

But not yet.