Here are some February 2010 Fast Facts for the Las Vegas Real Estate Market courtesy of Larry Murphy of Salestaq.

In February, only 46% of the existing homes sold were REO/Bank-Owned properties. Less than a year ago, two out of three homes (66%) sold in the Las Vegas market were REOs.

There were 40% fewer foreclosures this February than there were last February.  In fact, the 1,359 foreclosures for the month of February were the lowest since November, 2007.

Short sales will be the 'new' element in the existing home sales picture in 2010.  In fact, nearly half (48%) of the 10,298 available listings on the market are short sales.

Some positives for the Las Vegas Real Estate Market:

• MLS inventory represents just 2.8 months of supply.  That indicates the sales end of the market remains relatively strong.
• Existing home sales slid slightly to 3,229 ... just a hair under January.  But, it's a strong performance.
• The new home market is beginning to stir for the first time in two years.  Yes, the 342 sales were meager, but new home permits are well ahead of last year's disastrous totals.  The number of new home communities increased to 232.  And the price per square foot of a new home ($101.63) rose pennies from January to February, while the price per square foot of an existing home ($70.46) dropped.