Demand for Las Vegas land slackens.

First the buyer's market entered the residential housing sector in the valley and now it glides over to land sales. At a Bureau of Land Management, or BLM, auction only four parcels totaling 25 acres were sold this week for almost $12.5 million, or roughly $500,000 an acre. Seven parcels attracted no bids at all. This time there were fewer than 100 people in attendance while in the past these land auctions have drawn up to 2,000 people. The big developers are sitting on the sidelines and waiting for the real estate environment to stabilize.

Several buyers were expecting the prices to fall, but sellers weren't in the mood. They're still bullish on the Vegas real estate market in the long run. And they are making the right call. This is a market correction that will last another while and then values will begin rising again, perhaps at a slower pace than during the frenzied runup two years ago. What's your take on the viability of the market?