Renee and McCuistion / BloombergThe Dwaine McCuistions take a second gap Vegas housingRenee and Dwaine McCuistion, who lost their home in Las Vegas after a default in 2010 , was lucky again. They buy another property in October for $ 475,000, 42 percent less than what the previous owner paid. "In all so low, we think it is important to start building equity again," Renee said, sitting on the terrace four-bedroom house in Red Rock Country Club. Home prices fell 62 percent from 2006 to early 2012 the steepest declines in U.S. metropolitan areas attract consumers yet another Vegas. The number of homes listed for sale dropped to 1.5 months of supply, down from four months of a common stock in the area, said Jeremy Aguero, principal at Applied Analysis, Las Vegas research and advisory firm . One reason for the supply squeeze: buy investors such as Blackstone Group (BX), GTIS Partners, and Haven Capital assets deep discounted rent homes in bulk profit.Home in Las Vegas rose 3.8 percent in 12 months through September, according to the S & P / Case-Shiller, compared with an increase of 3 percent nationally. "In the last six months, people will get their money together and realize that prices overcorrected," said John Burns, housing consultant. "Las Vegas home is a great value." Risks and overly long distinguishing feature of the city. "When you bring this action city, you want to bring heavy," wrote Hunter S. Thompson in 1971 Fear, books and loathing in Las Vegas. And so when the U.S. housing boom led Nevada to the estimated 275,000 new homes built from 2000 to 2007, according to the U.S. Census Bureau. The McCuistions that many residents of Las Vegas betting in a big house with a larger debt. Renee, 49, who works as a manager at a credit card processing center, the main breadwinner. Dwaine, 45, is a police officer. Combined annual revenue came to $ 175,000. Near the peak of the boom in 2007, the couple bought a four-bedroom house $ 679,000 to the development of golf in the northwestern part of the city, taking the 30-year jumbo loan $ 611,000 at a fixed rate of interest 7 percent, and the $ 57,000 second mortgage. A third mortgage on their condo rent, plus mortgage insurance for a low down payment, made $ 6,000 in monthly housing costs. "You can see the flashing lights of the city at night," said Dwaine. "We ignore the three Fairways." Then an old back injury worsened Dwaine, and 60-hour workweeks payment center caught Renee, who began experiencing headaches and neck pain. In early 2010, the price of Las Vegas in free fall, both facing spinal surgery, medical leaves, and loss in revenue. Two jumbo loans failed in December of that year and they were moved out of their homes when sold for $ 349,900 in March 2011 in an all-cash sales brief. "It's embarrassing," said Renee. "We are raised to be assertive about finance and credit, and we lose control." In a sign that the market is Las Vegas has changed, the nature of drawing multiple bids. Richard Weiss, who moved from Arizona in January with my wife and two young children, he said "lowballed" bid on a dozen properties before realizing that he needed to go to much. Finally he succeeded on October 18, completed the purchase of a short sale for $ 230,000 in a house that sold for $ 549,900 sa 2005.Not sure all sustainable return. Nevada rate 11.5 percent unemployment life remains the worst in the U.S. Gary Beasley, managing director for waypoint Real Estate Group, an investor plural, as far away from Las Vegas because he believes momentum can be lost: " , The Las Vegas market tends to be very cyclical and not come back, but we do not clear what was the catalyst for the rise in prices "Although they failed their jumbo loans, McCuistions continued when the second mortgage and loans for rental properties ... That track record, along with a medical hardship, assuring their current lender to give them a new credit at Red Rock Country Club home, said Heidi Together, their broker. McCuistion basic monthly mortgage payments on time is about $ 1,800, said Renee, who never returned to work. Payment will be Dwaine put a military pension. Recent research from the Federal Reserve Bank of San Francisco shows how lucky the McCuistions are: only10 percent of seriously delinquent borrowers on home-loan payments they regain access to the mortgage market in 10 years. "Like we won the lottery," said point Renee.The:Home prices in Las Vegas 3.8 percent per year as the inventory of homes for sale has dropped sharply.