All the signs point to it.

Las Vegas Housing: 8% Of Single Family Homes Vacant, Yet New Construction Permits Up 50%

05/04/2013

If there is any market that demonstrates the complete and total misallocation of capital that results from Banana Ben Bernanke’s money printing and artificially low interest rate policy, it the latest phony American housing bubble. With a record numbers of citizens on the food stamp electronic breadline, with unemployment stubbornly high no matter what data you use, billionaire financial oligarchs are running around bidding up “homes for rent” and pricing out the random average person that actually has the capacity or desire to bid. What follows below demonstrates the degree of insanity that has now been unleashed upon the streets of Las Vegas - in their QE-forever induced delirium, homebuilders have gone Chinese and in Las Vegas "permits for new home construction are up 50 percent, twice the national average."