The Review Journal has the latest on the housing bubble in Las Vegas. "Home prices in Las Vegas continued their downward slide in February, dropping to a median of $309,000 based on 1,787 sales, according to figures from the Greater Las Vegas Association of Realtors."

"Prices peaked at $312,500 in December and retreated to $310,000 in January. 'We're definitely softening, definitely slowing down,' said Linda Rheinberger, president of the Realtors' association. 'We're catching our breath and getting ready for the next boom.'"

"The number of new listings hitting the market in February declined 6.9 percent to 5,214, though the total number of listings rose 7.2 percent to 17,675."

"Statistics from the Greater Las Vegas Association of Realtors are based on records from the MLS and do not necessarily account for newly constructed homes sold by local builders or transactions not involving a realtor."

"'One thing that I have noticed that is slowing the prices down on housing in the valley is appraisals,' Las Vegas realtor Curt Liquin said. 'Appraisers were liberal in the past and now they say the lenders are clamping down, which is making it harder for them to come in at the purchase price.'"

"Liquin said he talked to several appraisers in the past few weeks who told him they're being pushed by underwriters to tighten their criteria. They're not allowed to take into consideration builder upgrades that can add $10,000 to $50,000 to the original sales price of a home."

"'One (appraiser) told me last week that it didn't matter what he or I thought the value was, it was the underwriters,' he said. 'There were a few that told me they are only being allowed to go back 60 days for comps (comparable sales prices) and cannot go farther than a mile away even if there are not good comps in the area or time frame. You can imagine how this may affect things when some areas are so new and there might not be comps in a mile radius of the property.'"