-- "Las Vegas region February home sales rose to a five-year high, boosted by unusually high levels of cash and investor purchases. The record portion of cash deals represented more than half of all transactions for the third consecutive month, while the percentage of homes bought with a mortgage dropped to the lowest point for any month in at least 17 years.
Last month 3,879 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) – the highest sales tally for any February since 2006, when 6,065 sold. Last month’s sales were up 4.9 percent from both January and from February 2010."
MP: Isn't this evidence that markets are working? At some point, home prices fall far enough to start bringing buyers back into the market, and sales increase.