Vegas Housing

Here's a post from Calculated Risk on the Las Vegas housing market.  Las Vegas has seen the largest drop in home prices of any of the Case-Shiller composite 20 cities, according to the post.  Through December 2011, Las Vegas home prices were off 61.8% from the peak, and were down 9% in 2011.  There is good news:

Sales in 2011 were at record levels, more than during the bubble, and it looks like 2012 will be an even stronger year - even with some new rules that slow the foreclosure process.

And this:

From the LVGAR: GLVAR reports increasing home sales, prices, decreasing inventory. First on a record sales pace:

According to GLVAR, the total number of local homes, condominiums and townhomes sold in February was 3,794. That’s up from 3,591 in January, and up from 3,371 total sales in February 2011.

Compared to one year ago, single-family home sales during February increased by 17.8 percent, while sales of condos and townhomes decreased by 5.0 percent.

The Calcualted Risk post ends with this:

So 71.3% of the sales were distressed, and over half were purchased with cash.

One of the keys is the decline in inventory. Note that the GLVAR reports both total inventory, and inventory excluding "contingent" listings (usually short sales). Total single family inventory was down 15.4% from a year ago, and excluding contingent listings, inventory was down 45.6%!

This is good news and one of the reasons why I am a housing bull.  I have read other articles supporting my belief, and will try and link to them.