Las Vegas Homes Bad Bet Until 2032

If you're laying odds on when the Las Vegas real estate market will recover, prepare to wait a long time to collect. According to a recent report, it will be decades before Las Vegas home prices rebound -- the year 2032 to be exact, says Celia Chen, housing market analyst for Moody's Analytics.

And Las Vegas isn't even in the worst shape when it comes to depressed housing prices. Foreclosure-plagued cities like Phoenix and Naples, Fla., will take even longer to see anything like pre-recession home prices, Moody's predicts. In Phoenix, for example, the number of listings with price cuts in December topped 40 percent -- an indication that any rebound will take months, if not years, to be felt.