ROUGHLY ONLY ONE MONTH'S SUPPLY OF AVAILABLE PROPERTIES AT CURRENT SALES LEVELS

Anything in the range of $80,000 to $125,000 is snapped up with multiple offers, said a local Realtor.

Listings for real-estate or bank-owned homes decreased, to 1,437 in March, down 40% from 2,643 a year ago, data gathered from the Las Vegas and Henderson MLS.

A drop is expected for the next few months as a result of the robo-signing law passed last October, which has throttled the inventory of bank-owned homes in Las Vegas.

Lenders filed just 195 notices of default, the first step in the foreclosure process, in January, compared with 3,364 notices in the same month last year. Default notices have been around 200 a month since October.

"I don't see an immediate solution" said a spokesman for First American Title Insurance. Unless they call a special Legislature and try to get this law amended, because the Legislature doesn't meet again until 2013."

About 14,000 homes are pending or contingent sales, a majority of them short sales "stuck in the mud", awaiting approval for a sale at less than the mortgage balance.

"I think banks are holding on to the inventory so as not to flood the market." The law has encouraged homeowners in default to remain in their homes without making mortgage payments."

Some homeowners realize they can stay longer because they think banks are not going to move quickly.

Another Realtor said that not all of the foreclosures were justified.

Real Estate agents are becoming more guarded with their listings as inventory has dissipated. Lenders on FHA mortgages aren't interested in doing a short sale because they are insured by Housing and Urban Development.

"Look at HUD homes. They are typically nicer homes now in Southern Highlands and Rhodes Ranch. There are definitely more buyers with less inventory. Will that correct the market? I don't think so, but its
definitely changing things."