Now what would cause this? Short Sales?

"Number of Contracted Units
Reaches All-Time High

Not only has the number of properties under contract escalated, the distribution of property types has also shifted according to data obtained from the Greater Las Vegas Association of Realtors (GLVAR). During the past week, the count of properties with a contract in place that require certain contingencies to be cleared (“contingent”) reached 13,406 homes, the highest in southern Nevada’s history. The number of contingent units reflects a 70.6-percent increase from the same period of the prior year, while the majority (81.1 percent) of these units is subject to bank approval on a short sale."
The above from: Krysta Sitko
Assistant Vice President / Business Development
Fidelity National Title

As we recented suggested, MLS data shows 70% of all short sales are ALWAYS in escrow, because only 7 in 100 ever close. To get short sales to become 20% of Las Vegas closings means (1) Realtors and sellers are doing more than twice as much work on all of them and (2) a few still trickle out the end of the pipe because there are historic numbers in the system.

Bottom line - still - don't buy a short sale if you want to get the keys.