The Credit Crunch. What a difference a few weeks can make. While the fed tries to determine whether or not the real estate economy is in need of resuscitation, here are some figures in the Las Vegas market to help make a decision.

In just 7 weeks the Las Vegas market has slowed significantly. Here are some interesting stats from the past 6 weeks (last week of July 2007). Today's listing inventory (supply) is 21 months. Six weeks ago was 18. Combine the growth of inventory over the last 12 weeks, supply has grown more than 6 months. Supply is determined by the number of available listings divided by the number of closed homes within the last 30 days. What a cruddy 3 months. What does the future hold? Look at current Pending sales.

The number of Pending sales are 2251. This number is down 18% in 6 weeks. In the previous 6 week period the decline was 8.7%, less than half. I'm a "half full" type. There is opportunity here for serious buyers. Speaking of buyers...

In a related news point, according to the Originator Times, 1/3 of brokered purchase money loans failed to close last month as loan programs disappeared or changed qualifying terms.

There are buyers wanting to buy. They can't due to tight credit. Have the banks overreacted?

Where does the market go from here? UP! There is just some more down before that happens.