I just read the yahoo report on housing titled

NEW HOME SALES PLUNGE http://news.yahoo.com/s/ap/20080424/ap_on_bi_go_ec_fi/economy_21;_ylt=AmiBMkI...

Im so sick and tired of the media spinning things to show things in the worst possible light.  I guess the old adage that if it bleeds it leads hold very true...even if you have to cause the bleeding yourself.  I lived in Los Angeles during the Rodney King riots and remember watching a reporter in the garment district commenting on how there was no police presence what so ever in the garment district and that if looters were to come, there would be nothing to stop them.  Miraculously, 20 minutes later, the looters were there.  Another time a reporter was describing how easy it would be to start a fire on the side of the mulhollond road with a simple can of gas and a lighter, and again his comments were prophetic, because within a day a string of fires that started exactly the way he demonstrated took place.   The point is, every time confidence shows a glimmer of coming back in the real estate market, these idiots find some obscure stat, or a stat that shows negative growth and that is what is shown...the story I read was about new home sales plunging, now call me crazy, but PLUNGING is a very descriptive term which to me shows a rapid, massive decrease...Well, in Nevada, we actually had in INCREASE in New Home Sales this month by 10%.  Now to make sure I'm not doing the same thing as the mainstream media, this figure is still down from a year ago by 29 %. 

The Existing home sales market is also up this month, but by 24%, while remaining down from a year ago by 30%.

I just wish the media would find some new bugaboo to point the finger at for the reason why the economy is a bit slow right now.  Left to its own devices, the real estate market would come back, as it always has.  Unfortunately chicken little keeps running around freaking buyers out and the only people really taking advantage of this situation are seasoned investors that realize how statsitics regarding something like real estate, when lumped together for an entire country can be a bit inaccurate.

Speaking specifically for Las Vegas RESALE HOMES, our numbers seem to be coming back.

last month we had 2212 homes put under contract, this month that number continues to rise with 2490 homes put under contract.  Additionally, if you look at number of Single family residences (homes, condos, townhomes)sold between January of 2008 to present we are at 4010 units.  During this same time last year that number was 2204 units sold.  Again, things seem to be getting better.  Everything isn't all rosey though, the average price of SFR sold in our market is still coming down.  We've dropped 2.1% from last month and are down 19% from last year.  

The most important thing that can happen right now is that homes sell.  As supply goes down, prices will come back up...its pretty simple stuff.    Unfortunately if all we hear is gloom and doom without any hint at positive movement, this whole situation will take much longer.