Vegas real estate in the middle of the pack.

When we compare the MLS listings from March 2007 to the same month in 2006, we'll find that the number for Las Vegas is an increase of 30%. That earns us a spot in the middle of the list. So the housing glut here isn't as bad as it is in many other places. Nationally, several Florida cities, namely Orlando, Miami, Tampa and Jacksonville, crowd out the top of the rankings. Portland also experienced a major escalation.

Is a turnaround imminent? Not likely, say many analysts. Mortgage lenders across the board have been stung by a jump in defaults and as a result have overhauled their underwriting guidelines. There aren't too many no-money-down loans available on the market today. Stricter lending standards are said to dampen housing activity by about 10% this year.