Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Probing for a Bottom in Las Vegas

The Las Vegas residential market has broken every record with the speed and the viciousness of its collapse over the last two years, with the median price plunging 56% from $360,000 to $160,000. Driving around the outskirts of the city there is no shortage of half finished neighborhoods, complete with vacant shopping malls. But after a near shut down in December, it appears that the market has hit at least an interim bottom. In March, a halving of the price produced a doubling of the volume, with new sales jumping from 1,954 to 3,626 units in a year. Bargain basement buyers are definitely chewing through record high inventories, as they are in other black holes like Sacramento and Stockton, California. I don’t want to get too excited here, but this is what bottoms look like.