Nevada, like the nation, continues to report mixed economic signals. Jobs are being created, but the unemployment rate remains elevated. More visitors are coming to Nevada, but growth in key gaming metrics has been tepid. Consumers are spending more on goods and services, but higher gas prices have largely offset modest gains in income.

And then there is the housing market.

For the better part of the past four years there has been little ambiguity in the way of mixed signals relative to Nevada’s housing market. The state has led the nation in terms of foreclosure, housing price declines, short sales, and negative equity. Today, however, even the ravaged housing market is showing some signs of life. Inventories are falling; permitting activity is up. There are fewer foreclosures and notices of default, and prices are even showing some signs of stabilizing. Although state and local government intervention within the housing market is clearly creating some market distortion, these signs remain compelling.

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