1)  Vegas end-user, fundamental, shelter, single-family housing demand has been weak for some time (sales at 7-year lows in January).

But, "something happened" notably in the speculative "condo" market over the past few months.

This is a huge red flag, as Vegas is a leading indicating market with respect to speculative demand and has the same condo demand cohort profile as other massively over-built and mal-invested "hot condo markets" around the country.

Like Miami, LA, San Diego, San Fran, and New York, the Vegas condo market is a melting pot of unorthodox supply, demand, and capital;  unorthodox capital that looks to be drying up as quickly as it came to Vegas.

2)  The January data;  looks like a profile of another condo bubble popping in real-time.

These data are mind-boggling.

Vegas is a fun market to analyze. That's because it is a hybrid of end-user, fundamental, shelter buyers and the most speculative buyers around.