The Las Vegas market is heating up quickly, and this is a bad time to be out of touch with our readers. But here I am on Day 5 of my flu-induced writer's block, struggling again to make some sense through the haze. I'm seeing the light at the end of the tunnel. I guess that's a good thing as long as I don't go toward the light...

Every day I sit down at my computer intending to write about what is happening this week in the Las Vegas real estate market. Every day I remember how lousy I feel once I sit at the keyboard and try to think clearly. One more day and perhaps I'll be able to make some sense of the statistics my researcher keeps dropping on my desk. With the market taking off so suddenly, it's taken all my concentration just to stay on top of the flurry of calls and offers.

Pending sales are increasing at a much faster rate than even I expected. In one three-day period last week, pending sales jumped by 10%. Pending sales are at the highest level since February, 2007. As I predicted earlier, the general public will read in March that February sales were higher than January sales. Add to this the fact that foreclosures and price drops appear to be flattening out and we may soon be able to look back at the first half of February as the bottom of the market. I want to see the foreclosure and price trends continue before I am ready to call this a recovery.

Gui's Story, Part III: Gui didn't give me his checkbook, but he’s finally responding quickly to advice. Gui’s offer of $249,900 on a 3,100 sq. ft. home in a gated community in newer North Las Vegas was accepted, and in 10 days Gui will be closing on his first Las Vegas investment property. He’s going to do very well with this investment and I’m getting that warm, fuzzy feeling. Could be the flu, but I don’t think so.

President Bush signed the stimulus package today, bringing perhaps more relief to future homebuyers than to those already in trouble. The stimulus package raises caps on the loan amounts that Fannie Mae and Freddie Mac can buy, and more than doubles the cap on FHA loans. This move is intended to help subprime borrowers refinance, but the new FHA limit of $729,750 should open doors for a lot of new buyers. If you’re planning to help your child buy that first home, this is the time to do it.

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