The Review Journal reports from Nevada. "The inventory of homes for sale on the Multiple Listing Service in Las Vegas declined to 19,729 in November, down 16 percent from the previous month, the Greater Las Vegas Association of Realtors reported Wednesday. It's still up nearly 34 percent from a year ago."

"'I think people are finally starting to listen and read the news,' said Linda Rheinberger, president of the Realtors association. 'They understand that market conditions are not what they were yesterday and who knows what they'll be like tomorrow. It's a different environment. They're not going to attain the results of 2004. The market has changed.'"

"Sales continue to decline dramatically. Realtors sold 1,547 single-family home sales in November, down 36.6 percent from a year ago. Median prices are stable at $308,000, off by less than 1 percent."

"'We've been saying for months that sellers should be realistic in listing and pricing their homes for sale,' Rheinberger said. 'It looks like our message is taking hold.'"

"(Realtor) Kurt Lehman has noticed that inventory of rental homes on the MLS has dropped. 'This seems not surprising, given the prices which still have a ways to go to come down, the pressure on the home lending industry to clean up their act and the tentative attitude of buyers, who sense that prices are still needing to drop,' Lehman said."

"Larry Murphy, president of housing research firm SalesTraq, said he gets calls and messages almost daily from people telling him the real estate bubble has exploded and prices are collapsing. 'Exactly when did that happen? The fact is, it didn't happen,' Murphy said."

"Construction crews are pouring the third and fourth floors of the parking structure and residential building for Juhl, a $170 million mixed-use condominium development in downtown Las Vegas."

"With 214 "hard contracts," or binding purchase agreements, Juhl is about 60 percent sold, CityMark President Rich Gustafson said. A large percentage will be primary residents in the building. 'That's one of our goals,' he said. 'We're looking for a lights-on building.'"

The East Valley Tribune. "The good news: Arizona’s economy will continue to grow next year. The bad news: The growth rate will be slower than in 2006 as the economy downshifts for the third consecutive year. That’s the consensus outlook of 18 economists who contribute to the Arizona Blue Chip Economic Forecast."

"Scottsdale economist Elliott Pollack said the Valley real estate market also has its good news-bad news aspects. The good news is commercial and institutional construction is strong. The bad news is single-family housing permits are being issued at less than half the pace of a year ago, even though sales have remained strong, he said."

"'What happened is builders overbuilt in 2004 and 2005, and about 15,000 to 25,000 excess units are now on the market,' he said. 'We’re basically going through an inventory correction.'"

"Downward pressure on prices also is likely to continue until the inventory is worked off, he said. 'If all goes well, it will be a lousy year in 2007,' he said. 'If it’s not a lousy year, this (slow housing market) will just drag out.'"

The Arizona Republic. "Desert Communities, Inc. of Las Vegas placed the winning bid of $58.6 (million) this morning to buy the first nugget of the 275-square-mile Superstition Vistas area, a spawling, undeveloped desert area near Apache Junction held for decades by the state."

"The Arizona State Land Department set a minimum bid of $45.25 million for about 1,000 acres out of 7,000 acres of the so-called called Lost Dutchman Heights south of Apache Junction."

"The state had held the land beyond a previously set auction date last summer in hopes of a price rise after August auction of 325 acres at Desert Ridge, near Arizona 51 and Loop101, flopped when no one made the minimum bid of $150 million."

"The state says the Superstition Vistas area could hold 1 million people in the future."