I feel like a creep.

I've had at least half a dozen LVA readers or existing clients ask me lately why I haven't been writing my blog, House Advantage. LVA reader Judy T. hit the nail on the head, asking if I'm out contributing to the phenomenal surge in sales.

Yes, I am.

Pending sales of Las Vegas homes have risen from approximately 6,000 to nearly 10,000, laying the groundwork for another very strong selling season. Sales for May should exceed April numbers, which already compared to sales figures in the peak of the market in 2003-2005.

The number of foreclosures is now at a 5-week supply. Last summer, when the inventory of REOs dropped to only a 3-month supply, we saw homebuyers struggle to get their offers accepted in the face of stiff competition. As of late April, buyers have again found themselves competing for the nicer bank-owned homes.

In the past 4 weeks, I've seen offers well over list price rejected. Many buyers have had to make offers on 6 to 10 houses before they find a home. If you're just starting to look, expect to make several offers, and to find yourself in a multiple offer situation.

I hear rumors that the banks may release more foreclosures in June and July. I never thought I'd say I hope the banks list more REOs for sale, but I was wrong. If banks are holding back some of the REOs, as many people believe, wouldn't it make sense to list these when demand is so high and the market can absorb these?

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