Some local Las Vegas real estate experts are ecstatic about the direction the Las Vegas real estate market is going.

However some are not so optimistic and are worried that the nation's five year housing boom will turn into a devastating bust that will derail the economy.

It is question that weighs on the minds of others besides local or national realtors. It also weighs on the mind of Federal Reserve Chairman Ben Bernanke. Towards the end of the year for sale signs were staying out longer.

It seems as though house prices are easing as sellers try to lure buyers in for the holiday season.

Bernanke has been keeping an eye on the market and said, "We recognize a risk… and we are watching it very carefully".

This is not good news for all. The Fed's interest rate increases earlier in the year helped push mortgage rates to their highest levels in more than four years and according to many local experts put a damper on housing.

When the central bank looked at the stats they felt they should not raise key short-term rates for the 18th time. Policymakers in D. C. made a point to say, "that gradual cooling of the housing market" would help slow down the economy and allow inflation pressures to moderate.

Recently the Greater Las Vegas Association of Realtors released data from its Multiple Listing Service that collaborated with information that showed there was a gradual housing slowdown.