This is NOT good news. I’m a realtor in Vegas. The market should be filled with foreclosures, but the only people able to buy the few homes on the market are cash buyers. That means the market is 100% manipulated by the banks and Fed. There is no market. Just a continuing crony banker bailout.
The banks and others are holding mortgages and foeclosed houses priced at 2007 prices on their books, and if they marked them to market, they would be insolvent. The Fed's goal in zero percent interest rates these last few years is to prop up the price of housing at all costs. This is also why QE3 is the Fed buying MBS, to lower mortgage rates and prop up house prices. When housing again approaches 2007 levels, and banks can dump the foreclosed property without taking a bath, housing crisis will be over, at least for the banks.
They are holding out for the bulk buying program by the Feds ... political insiders will get the top pickings ... small time investors, even small time cash investors will be shut out of the market.