Hilarious spin from a Vegas realtor - "The true experts are bullish for '06" although the market is in full meltdown mode

Thanks LLV for the link. Will these people say anything to the media to try to save their ass?

The median price of a single-family home dropped by $2,500 in January from the previous month, the Greater Las Vegas Association of Realtors reported.

The $310,000 median is down 0.8 percent from December, though it still reflects an 8.8 percent increase from January 2005. The average price of $382,518 is up 16.4 percent from a year ago.

Home sales dropped to 1,778 in January, down 27 percent from December and 10.4 percent from a year ago. The number of homes available for sale on the Multiple Listing Service grew 23.3 percent to 16,493.

Linda Rheinberger, president of the Greater Las Vegas Realtors Association, said December was an unusually active month for sales and people may have "flopped months."

"They're just all over Nevada and Las Vegas about how strong our market is," she said. "The true experts are bullish for '06. So we're not going to play into somebody's hands that they want to make a trend of one month when we're so strong."

She said David Lereah, chief economist for the National Association of Realtors, told her to look for an investment property for him in Las Vegas.

For condominiums and townhomes, the median sales price in January was $196,299, down 3.8 percent from December, but up 9.1 percent from one year ago. The number of attached units sold in January was down 22.5 percent and the number listed for sale increased by 47.7 percent.