Las Vegas Residential Volatility to Continue

This from RISMEDIA, January 18, 2011: Housing WILL see gradual improvements in activity this year as the nation’s economy and job market continue to move to higher ground, establishing momentum that WILL produce more considerable gains in 2012, according to economists who appeared at the NAHB International Builders’ Show in Orlando on January 12. (Capitol letters by GH. They are taking as big a chance as I am for sharing this!)
Compare and contrast with the following:
"During 2010, Las Vegas residential real estate inventories followed a path of ups and downs as sales volumes in the resale and new construction sectors were impacted by government intervention and pricing slid to new lows during the latest cycle. Pricing movements taking place during the past several years in the southern Nevada market have raised the region’s national profile. Unfortunately, the profile has been characterized by record-setting price depreciation and foreclosure activity in recent years, which followed opposite trends reported during the majority of the 2004 to 2006 timeframe when price point increases were atop the price appreciation rankings. Regardless of the metrics analyzed, there is one certainty – that there is no certainty." (Used with permission from Krysta Sitko, Assistant Vice President / Business Development, Fidelity National Title)

I concur with the latter. There is no certainty. What I truly wonder is whether the world economy is now moving off the recognized playing board and into unknown territory in which the business cycles relied upon in the past do not apply any more.
I know that right now Vegas real estate is very busy and I get the feeling that people are acting AS IF a recovery is coming. I think a new normal may be developing wherein buyers and investors are actively snapping up the good deals. I just don't know what is next. In any event, good hunting.