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ReviewJournal.com - Business - December brings dramatic increases in Las Vegas home sales.

I like the headline from the Las Vegas Review Journal, but the article has several facts that I find that still point to further weakness.

But first the good news: December sales were almost 3 times the number for December 2007 and the 4th straight month of big increases. The December number also beat November by 14%.

Now for the negatives:

• Median price continues to fall off $11,000 from November to $175,000.
• Available inventory is staying stubborn at about 22,000. The seemingly limitless supply of foreclosed properties continues to hit the market as homes are being sold.
• Bank owned and short sale properties are 72% of all listings. 75% of all closed sales are for bank owned properties.

It is obvious that buyers believe there is good value in bank owned properties and sales are strong. The negative economic news does not seem to be affecting buyers. Yet it is hard to see any pricing strength until the flood of foreclosures hitting the market slows to a trickle, stream or even a small river. I am still looking for a couple of months of price stability to signal the true bottom of this market decline.